5 things to know before the stock market opens Thursday - CNBC, CNBC

1. Dow futures cut gains after huge jobless claims

A passenger wears a protective mask at the Wall Street subway station in New York, on Monday, March 30,
Michael Nagle | Bloomberg via Getty Images

US stock futures cut gains after the government reported another unprecedented number of Americans seeking unemployment benefits. The Dow Jones Industrial Average closed nearly 4.5% lower on the first day of the second quarter after logging the worst first-quarter ever. The – year Treasury yield dropped to under 0.6% early Thursday as global coronavirus cases approach 1 million . Oil futures bounced about % from highly depressed levels after President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war.

2. Weekly initial jobless claims double to 6.6 million

The Labor Department said Thursday that an incredible more than 6.6 million People applied for first-time jobless claims last week, more than double the consensus estimate. The prior week saw new claims soar nearly 3.3 million.

On Friday, the government issues its monthly report on job creation. However, the March numbers are expected to show little impact from the outbreak because the survey period went only to about the middle of the month – before the effects of the stay-at-home orders were felt.

3. Trump to meet with energy leaders as oil prices trade near – year lows

The president is set to meet with the leaders of at least seven major energy companies on Friday as US Producers struggle to break even after crude prices recently hit 18 – year lows and turned in the worst quarter ever. Trump, at Wednesday evening’s outbreak briefing, said the administration is considering halting some domestic flights and rail lines between cities hard hit by the virus. Also Wednesday, White House health advisor Dr. Anthony Fauci said the first human trial testing a potential vaccine to prevent COVID – is “on track” with public distribution still projected in (to) months. He called it the “ultimate game changer” in the fight to control the pandemic.

4. Global coronavirus cases nearing 1 million since outbreak started in December

With coronavirus testing becoming more widespread, US confirmed cases surged to more than 240, 823, According to Johns Hopkins University data. American fatalities rose to 5, 155. The White House, predicting a “very, very painful two weeks,” estimates a death toll of 155, to , 06.

Globally, known cases reached more than , – nearing 1 million since the outbreak started in China in December. There have been 48, 700 worldwide deaths and about , recoveries. Italy has the second most cases globally at more than 110, , nearly half the US total. But it has the most deaths: 19, 216.