Dow futures up 350, reopen trades surging, Carnival up 16{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}

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The European Commission announced Wednesday plans for a 750 billion euro ($826.5 billion) recovery fund as Covid-19 continues to hit worldwide economies. The details of the fund have not been decided, with France and Germany in favor of issuing mutual EU debt, while nations including Austria and Sweden are in favor of issuing loans instead. On June 18 leaders from the 27 EU member states will meet to finalize the details of the fund. —Amaro, Stevens

People filing applications for mortgages to buy a home jumped 9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} last week compared with the prior week, according to data from the Mortgage Bankers Association, in the sixth straight week of gains. Applications are now up 54{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} since early April, in yet another sign that the economy is recovering. On Tuesday data showed that new home sales rose slightly in April, after analysts had been expecting a 22{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} drop. —Stevens

Shares of major retailers, airlines and cruise line operators rose in premarket trading Wednesday as Wall Street continued to cheer U.S. efforts to reopen portions of its economy. Retailers Gap and Kohl’s rose 5.8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} each before the opening bell; Carnival and Norwegian Cruise Line rose 15.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and 13.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, respectively; while Delta, United and American rose 7.2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, 9.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and 9.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. The Dow and S&P 500 have climbed back to near key market levels this week on trader hopes that consumer habits, derailed in March and April thanks to Covid-19, may soon be back to normal. —Franck

Industrials giant Boeing is preparing to announce 2,500 voluntary layoffs later this week, according to a report from The Wall Street Journal citing union officials. The cuts, which will center around the company’s Seattle-area factory, could be announced as early as Friday, the WSJ said, and will be the first phase of broader cuts. The coming announcement follows commentary from the company in April, during which the embattled airplane manufacturer said it was considering a number of options, including reducing its 160,000-strong payroll by around 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. At the time, the company had not yet reached a final decision. The stock was about 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} higher in premarket trading. —Stevens