It will be a shortened trading week with major markets closed Friday in observance of the Fourth of July holiday. Investors will be closely monitoring the recent resurgence in COVID-19 cases across a handful of states and the big June jobs report due out Thursday.

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(Bloomberg) — Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing.“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” Chief Executive Officer Doug Lawler said in a statement.Chesapeake is, to a certain extent, victim of the success both it and its peers had in extracting huge volumes of gas from previously hard-to-exploit shale basins. While that turned the U.S. into a global supplier of the fuel to rival any other, it also contributed to a glut that weighed on prices. Natural-gas futures in New York traded last week at a 25-year low.But the gas market is only part of the story. Earlier in its history, under the direction of its late co-founder Aubrey McClendon, a colorful and outspoken advocate for the natural gas industry, Chesapeake expanded aggressively. The heavy debt load it acquired in the process was a burden it ultimately couldn’t shake off.About a decade ago, Chesapeake was a $37.5 billion giant at the forefront of the fracking revolution that transformed the U.S. oil and gas industry. The company cut eye-popping checks to Fort Worth businesses and residents as inducements to drill on their land in the Barnett Shale of North Texas, America’s first shale field to hit the big time.U.S. natural gas slumped after the 2008 financial crisis as the frackers overwhelmed demand, and prices still haven’t revisited their previous highs. Investors soured on Chesapeake, which by that point wasn’t only debt-laden but saddled with a real estate empire that included shopping centers, a church, and a grocery store. McClendon was ousted in 2013 and died in an auto accident three years later.In subsequent years, management sought to compensate for the decline in its gas fortunes by shifting into oil exploration as fracking turned the U.S. into the world’s largest producer of crude as well as a major exporter. However, any optimism about that strategy evaporated with oil’s recent price collapse amid the Covid-19 pandemic.Lawler took over Chesapeake in 2013 with an aim of reducing its debt load that was larger than Exxon Mobil Corp.’s, a company 29 times Chesapeake’s market value at the time. He had counted on capital spending cuts and asset sales to cover debt obligations. The company was in talks last year with Jerry Jones, the billionaire Dallas Cowboys owner, about a $1 billion sale of shale assets, but no deal resulted.In May, Lawler was forced to discard his company’s full-year outlook and write down the value of $8.5 billion in assets as energy demand tumbled amid the Covid-19 lockdown. By then, the producer’s market value had dropped to less than $200 million. The company had about 2,300 employees at the end of last year.“Despite having removed over $20 billion of leverage and financial commitments, we believe this restructuring is necessary for the long-term success and value creation of the business,” Lawler said Sunday.The bankruptcy follows that of another highflier in the U.S. oil patch, Whiting Petroleum Corp., which filed for Chapter 11 at the start of April after championing what was once the premiere U.S. shale field, the Bakken of North Dakota.The case is Chesapeake Energy Corp., 20-33233, U.S. Bankruptcy Court, Southern District of Texas(Updates with assets and liabilities in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Stock futures sank Sunday evening as a rising number of states across the country reimposed social distancing standards to try and curb increases in coronavirus case counts.

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The SPDR S&P 500 (NYSE: SPY) finished off a difficult week on a low note Friday after another turbulent week on Wall Street. Here are eight potential catalysts ahead this week that could move the markets.On Wednesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin will testify in front of the House of Representatives Financial Services Committee. Mnuchin and Powell's testimony is expected to focus primarily on the national response to the coronavirus outbreak.On Friday, the Labor Department will report U.S. jobs numbers from the month of June. The May jobs report was shockingly good, initially sending stock prices soaring.Investors will also be watching daily COVID-19 case numbers and potential responses from companies and states following record daily U.S. case numbers last week.The state of Texas was forced to roll back its reopening efforts due to a surge in coronavirus cases, and any further indication that the economy could be shutting back down would likely be bad news for stock prices.Delivery giant FedEx Corporation (NYSE: FDX) is reporting fiscal fourth-quarter earnings Tuesday. Last quarter, FedEx reported 2.8% revenue growth but a sharp 57.3% drop in net income due to the coronavirus.Struggling mall retailer Macy's Inc (NYSE: M) is also reporting first-quarter earnings on Wednesday. Macy's has been gradually reopening shuttered stores in recent weeks, but analysts are expecting a first-quarter EPS loss of $2.57 and a 32.9% year-over-year drop in revenue.Dun & Bradstreet Holdings, Inc. (NYSE: DNB) is expected to hold its IPO on Wednesday, raising roughly $1.4 billion by selling shares in the $19 to $21 range. Dun & Bradstreet is one of Wall Street's oldest data and analytics providers.Inovio Pharmaceuticals Inc (NASDAQ: INO) has yet to report interim Phase 1 clinical trial results for its COVID-19 vaccine candidate that it recently said will be released in "late June."Ford Motor Company (NYSE: F) and General Motors Company (NYSE: GM) could be on the move on Wednesday when Autodata releases its June vehicle sales numbers. May auto sales came in at just 12.2 million vehicles, down from 17.3 million a year ago.Related Links:Analyst: S&P 500 'Likely To End 2020 At Or Close To Current Levels'What Does A 'Second Wave' Of COVID-19 Mean For Investors? See more from Benzinga * Will Amazon Or Netflix Buy A Movie Theater Chain? * Biden Leads In Polls, Coronavirus Cases Surge, Micron, FedEx Earnings Ahead: The Weekly Market Outlook * Realty.com CFO Says Apple's Safari Browser Redirects To His Competitor(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Biotech stocks went on a seesaw ride along with the broader markets in the week ended June 26. Yet there were some encouraging developments on the COVID-19 vaccine development front. Vaccine companies are going all out, forging alliances and adding personnel that could help them be successful in their quest.Translate Bio Inc (NASDAQ: TBIO) rallied strongly earlier in the week on the back of news concerning an expansion of its vaccine development partnership with Sanofi SA (NASDAQ: SNY) but eventually gave back some of the gains following a secondary offering. Vaxart Inc (NASDAQ: VXRT), another COVID-19 vaccine play, rallied during the week.View more earnings on IBBThe FDA review machinery worked overtime, ruling on a host of investigational therapies. Three biopharma companies went public this week, raising a combined $485 million in gross proceeds.The following are key catalysts in the unfolding week:Conferences * Cantor Fitzgerald's Virtual Symposium: "Winning Ways to Treat Infections and COVID-19: Tuesday, June 30Clinical Readouts/Presentations Q2 Releases * Intra-Cellular Therapies Inc (NASDAQ: ITCI) is scheduled to release top-line results from Phase 1/2 clinical trial of ITI-214, its phosphodiesterase 1 inhibitor, in patients with chronic systolic heart failure. * Obseva SA (NASDAQ: OBSV) will release Phase 3 PRIMROSE 1, 6-month primary endpoint results and PRIMROSE 2 twelve-month data for Linzagolix in uterine fibroids. * Novavax, Inc. (NASDAQ: NVAX) is scheduled to release top-line data from Matrix M vaccine adjuvant, which is a key component of Serum Institute of India's malaria vaccine candidate. * Revance Therapeutics Inc (NASDAQ: RVNC) is due to release Phase 2 top-line data for DAXI in forehead lines and crow's feet. * Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) is expected to release topline data from the pivotal CONNECT-FX trial that is evaluating Zygel in Fragile X syndrome. * Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) will release interim results from Phase 2 studies of ALXN2040 in C3 Glomerulopathy. * Iterum Therapeutics PLC (NASDAQ: ITRM) is due to release Phase 3 topline results from sulopenem clinical trials in uncomplicated urinary tract infections.See also: Novavax Gains Over 50% In June: What's Driving The Rally? First-Half Releases * Cerecor Inc (NASDAQ: CERC) is due to release initial data readout from the Phase 1 trial of CERC-802 in healthy volunteers. * Novartis AG (NYSE: NVS) will release Phase 2 data for LJN452 in non-alcoholic steatohepatitis. * Regenxbio Inc (NASDAQ: RGNX) is due to give a program update from the Phase 1/2 trial of RGX-501 for the treatment of Homozygous Familial Hypercholesterolemia. * BioNTech SE – ADR (NASDAQ: BNTX) will release Phase 1 data for BNT111 in advanced melanoma.June Releases * Inovio Pharmaceuticals Inc (NASDAQ: INO) will release interim Phase 1 data for its coronavirus vaccine candidate INO-4800.Earnings * Avid Bioservices Inc (NASDAQ: CDMO) (Tuesday after the close) IPO Quiet Period Expiration * Pliant Therapeutics Inc (NASDAQ: PLRX) * Legend Biotech Corp (NASDAQ: LEGN) * Applied Molecular Transport Inc. (NASDAQ: AMTI) * CALLIDITAS THER/S ADR (NASDAQ: CALT) * Related Link: The Daily Biotech Pulse: Chiasma, Heron Await FDA Decisions, DBV Restructures, 3 Biopharmas Make Wall Street Debuts See more from Benzinga * The Daily Biotech Pulse: Merck's Wonder Cancer Drug Snags Another Approval, Decision Day For Zogenix, UniQure Out-Licenses Gene Therapy * The Daily Biotech Pulse: MediciNova On Track For European Patent Win, Partial Clinical Hold Lifted For Innate Pharma, Tela Bio Details Coronavirus Impact(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — U.S. equity futures fell at the open Monday after deaths around the world from the coronavirus topped half a million and infections continued to mount in American states. Crude oil fell.S&P 500 futures opened about 0.6% down and contracts in Japan and Australia pointed lower. In currencies, the Australian dollar saw a modest decline. Providing some comfort was data over the weekend providing more signs the Chinese economy is continuing to recover from its shutdown. Chinese markets reopen after a two-day holiday.Last week’s risk-off stance could endure as coronavirus cases surpassed 10 million and a resurgence in the U.S. continues to batter states likes Texas, Arizona and Florida. Meantime, in China, industrial companies saw the first monthly increase in profits since November.“Markets have taken a breather on the reopening but not entirely priced out the progress,” said Ben Emons, managing director for global macro strategy at Medley Global Advisors.On the policy front, China’s central bank said it will implement new monetary tools to make sure liquidity reaches the real economy. The People’s Bank of China said it will increase the proportion of smaller company, credit and manufacturing loans, and continue to lower lending rates, while reiterating that it will keep the yuan stable.Here are some key events coming up:New York Fed President John Williams moderates a discussion with IMF Managing Director Kristalina Georgieva on Monday.On Tuesday, Federal Resserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin testify before the House Financial Services Committee.The U.S. jobs report for June on Thursday may continue data-collection issues from May that appear to understate the true scale of joblessness.Friday brings the U.S. Independence Day holiday. Markets are closed, along with government offices.These are the main moves in markets:StocksS&P 500 futures fell 0.7% as of 7:01 a.m. in Tokyo. The gauge fell 2.4% on Friday.Futures on Japan’s Nikkei 255 dropped 0.8%.Hang Seng futures lost 0.4%.Futures on Australia’s S&P/ASX 200 Index declined 1.6%.CurrenciesThe yen was little changed at 107.16 per dollar.The offshore yuan held at 7.0871 per dollar.Australia’s dollar slipped 0.2% to 68.51 U.S. cents.The euro bought $1.1223.BondsThe yield on 10-year Treasuries fell five basis points on Friday to 0.64%.CommoditiesWest Texas Intermediate crude oil fell 1.7% to $37.81 a barrel.Gold was at $1,772.42 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Image: Karen Bleier/AFP via Getty Images

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