US stock prices wavered on Wednesday, while mainland Chinese shares extended a winning streak for a seventh consecutive trading session.

The Shanghai Index closed +1.74% higher overnight, up +8% this week, as investors bet that a recovery would boost business profits.

Meanwhile, tensions between the US and China have been growing, after Beijing asserted broad new powers in Hong Kong, poring cold water over patch up hopes between the two superpowers.

President Donald Trump’s advisers proposed a move to destabilize Hong Kong’s currency peg to the dollar as a way of punishing China.

Separately, recent data compiled by Johns Hopkins shows 60,000 new coronavirus cases reported in the US on Tuesday, a new daily record.

Ahead, today's economic calendar includes; Crude Oil Inventories for the week ended July 3 at 10:30am EST.

In earnings news; Bed Bath & Beyond (BBBY) will report later today.

TODAY'S TOP HEADLINES
Coronavirus: US Plans Testing Surge. (Bloomberg)
The federal government is ramping up coronavirus testing in Louisiana, Texas and Florida, three states seeing a surge in Covid-19 infections.

ECONOMIC CALENDAR
Today's Economical Announcements.
10:30AM - ★★★ - Crude Oil Inventories (Previous: -7.195M)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Biogen (BIIB): [NEWS] Submitted an application to the Food and Drug Administration for aducanumab as a treatment for Alzheimer’s disease. “If approved, aducanumab would be the first treatment with the potential to meaningfully change the course of Alzheimer’s disease,” Biogen said in a release.

National General (NGHC): [NEWS] The company would be acquired by insurance giant Allstate (ALL). The deal, which is expected to close early next year, is worth $4 billion, or $34.50 per share, in cash. Allstate shares fell 2.5%.

Apple (AAPL): [REVIEW] Deutsche Bank hiked its price target on Apple to $400 per share from $380 per share, implying a 7.3% upside from Tuesday’s close of $372.69. “Overall, we feel comfortable that AAPL should continue to offer upside for investors,” a Deutsche Bank analyst said in a note. However, the analyst noted the stock’s recently sharp run-up “has us nervous.”

American Express (AXP): [DOWNGRADE] Downgraded to “neutral” from “buy” at Citigroup, citing the potential for “top line headwinds” moving forward, Citi also trimmed its price target on the company to $105 per share from $110 per share.

Medtronic (MDT): [NEWS] Bloomberg News reported Medtronic has made an offer to acquire California-based medical device company, Intersect ENT (XENT). Though talks are still in their early stages, Intersect’s board is reviewing the offer, according to the report.

Nikola (NKLA): [UPGRADE] JPMorgan upgraded the electric truck maker to “overweight” from “neutral,” noting the stock is “starting to look attractive for long-term investors in view of a number of potential positive catalysts in coming weeks and months.”

Altria (MO): [DOWNGRADE] Downgraded to “equal weight” from “overweight” by Barclays, noting that Altria is “100% US-exposed and continues to lose market share.”

Caterpillar (CAT): [UPGRADE] Bank of America upgraded the construction giant to “neutral” from “underperform,” and hiked its price target on the stock to $135 per share. “We still have our doubts on the sustainability of macro improvement, but are tempering our negativity”.

MOMENTUM STOCKS
GAINERS: VSLR, RUN, LVGO, OSTK, MXL, TGTX, ROL, APD
DECLINERS: NKLA, CLR, MC, PSXP, VERI

TODAY'S IPOs
BlueCity (BLCT) (Low: 15, High: 17) (Est. Vol: $84.8M)
Therapeutics (TXAC) (Price: 10) (Est. Vol: $100.0M)

WE WILL SHOW YOU THE WAY!