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U.S. stocks jumped and the S&P 500 breached 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions.

British supercar manufacturer McLaren Group, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the fallout from the COVID-19 pandemic.

U.S. stocks surged at the open and S&P 500 breached a major technical barrier on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors overlook Sino-U.S. tensions.

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to fully dig out of the hole amid record unemployment.

Sales of new U.S. single-family homes unexpectedly rose in April, but the gains are likely temporary as the coronavirus crisis ravages the economy, unleashing record unemployment.

The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets.

Lufthansa is hoping for a quick nod from the European Commission for its 9 billion euro ($9.8 billion) bailout agreed on Monday to make sure the cash arrives in time for the company to stay afloat.

Uber Technologies Inc has cut about 600 jobs in India as part of plans to reduce its global workforce by 23%, the company said on Tuesday, joining local rival Ola as the COVID-19 pandemic crushes demand for app-based cab services.

Investment bank Moelis & Co is in talks with a group owning around $3 billion in bonds and loans owed by Latam Airlines Group SA to represent them in the company's bankruptcy, one source with knowledge of the matter said on Tuesday.

Kentucky Fried Chicken on Tuesday will begin testing an overhauled sandwich featuring a bigger chicken filet and other modifications that could reignite last year's Great Chicken Sandwich Wars with rivals Popeyes and Chick-fil-A.

British supercar maker McLaren Group said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the impact of the COVID-19 pandemic.

Qatar Airways said on Twitter on Tuesday that it planned to fly a summer schedule to over 80 destinations worldwide.

World shares forged ahead on Tuesday and commodity markets drove higher as well, as investors shrugged off Sino-U.S. tensions to focus on more stimulus in China and a re-opening world economy.

Macy's Inc said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.

The European Central Bank (ECB) is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case Germany's top court forces the main participant in the scheme to quit, four sources told Reuters.

U.S. stock futures surged on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors returning from a long weekend to overlook Sino-U.S. tensions.

Shares in Sanofi fell on Tuesday despite the French drugmaker's impending $13 billion payday from selling most of its 20.6% stake in U.S. partner Regeneron .

A cluster of big name hedge funds have started betting against French companies, moving in after the lifting of a short-selling ban imposed earlier this year to calm financial markets, an analysis of regulatory filings showed.

Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.