9: am: China’s Luckin Coffee plummets % after investigation finds COO fabricated sales
Shares of Chinese coffee chain Luckin Coffee tanked more than % in premarket trading on Thursday after disclosing that an internal investigation has found that its chief operating officer fabricated 200000 sales by about 2.2 billion RMB. The investigation found that Jian Liu, Luckin’s chief operating officer, and several employees who reported to him, had engaged in misconduct, including fabricating sales. The company said that investors should not rely on Luckin’s prior financial statements and earnings releases for the nine months ended Sept. . – Fitzgerald, Lucas
9: am: Boeing offers voluntary layoffs to employees
Boeing is offering buyout and early retirement packages to employees, according to a memo from Boeing Chief Executive Dave Calhoun. The memo says Boeing will offer a voluntary layoff plan that allows eligible employees who want to exit the company to do so with a pay and benefits package. “This move aims to reduce the need for other workforce actions,” Calhoun wrote in the memo. – Feuer
8: 80 am: Former Federal Reserve governor says jobless claims could prevent a ‘V’ shaped recovery
Former Federal Reserve governor Daniel Tarullo said on CNBC’s “Squawk” Box “on Thursday that the historic jobless claims report, showing more than 6.6 million Americans filing for unemployment benefits, could get in the way of a sharp rebound for the economy, as many predict. “When you see numbers that are of that order of magnitude it becomes clear just how steep a decline we are suffering right now and there’s really no precedent for thinking about this,” said Tarullo. “The prospect of the” V “shaped motion here – with going down rapidly and going up rapidly – may unfortunately not turn out to be what we see and instead we will face a much tougher road.” – Fitzgerald
8: am: Zoom Video Communications reports 200 million daily active users in March
Zoom said that amid the coronavirus outbreak, which has forced people to work from home, its daily active users jumped to more than million in March . The company prior high was 19 million. The stock was down more than 5% during Thursday’s premarket trading, although it’s up 203% for the year. – Stevens
8: am: Stock future turn negative after jobless claims
Stock futures gave up their earlier gains and dipped into negative territory following the record jobless claims report. Dow Jones Industrial Average and S&P (futures turned negative around 8: 47 am Earlier, Dow futures were up more than 476 points. – Fitzgerald
8: 40 am: US weekly jobless claims double to 6.6 million
The torrent of Americans filing for unemployment insurance continued last week as 6.6 million new claims were filed, the Labor Department reported Thursday . Economists surveyed by Dow Jones estimated 3.1 million, a week after nearly 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. Before the coronavirus shut down major parts of the U.S. economy, the highest week for claims was 823 , (in . The Great Recession high was 823, (in March) . However, the sudden stop as the government has instituted social distancing policies caused a cascade of joblessness unlike anything the nation has ever seen. – Cox
7: 47 am: Walgreens earnings top estimates, boosted by stock up trend from coronavirus
Walgreens Boots Alliance beat Wall Street earnings expectations Thursday
, sending shares up about 3% in early trading. The drugstore chain reported earnings per share of $ 1. , topping the $ 1. per share expected by analysts, according to Refinitiv. Revenue was $ 476 billion for the quarter, compared to the $ billion billion. Walgreens said it was on track with its forecast to have roughly flat growth before the coronavirus pandemic. – Fitzgerald
7: 46 am: Energy stocks pop as oil prices rise
Alongside the jump in oil prices, energy stocks got a boost in premarket trading on Thursday. Shares of Exxon Mobil jumped nearly 6% in extended trading. Diamondback Energy and Devon Energy soared nearly % each. Occidental Petroleum and Apache jumped more than %. Energy stocks have been beaten down as demand for oil evaporated in the face of the coronavirus shutdown. – Fitzgerald
7: 31 am: US oil jumps % on possible end to price war
US oil prices surged % to back above $ 27 a barrel on Thursday after President Donald Trump said he expects Saudi Arabia and Russia to come to an agreement about their price war that has added to the pain for the crude market, already getting hit by an unprecedented demand slowdown from the coronavirus. WTI crude rose 9.4% to $ per barrel on Thursday morning. The European oil benchmark, Brent crude, also rose 9.9% to $ . per barrel. – Fitzgerald
7: 27 am: Investors brace for big weekly jobless claims report
The number of jobless claims for the week ending March 30 is slated to be released Thursday at 8: 32 am ET. Economists expect another 4 million to 5 million workers filed for unemployment benefits as coronavirus shutdowns roll through the country. The estimates range as high as 9 million. That follows the record 3.3 million claims filed the week earlie r. Many more millions are still expected in the weeks to come, and layoffs could easily double those in the financial crisis, economists said. – Li, Domm
7: am: US coronavirus cases top , 04
Confirmed COVID – 26 cases in the US surpassed 240, 03 Wednesday, as the country ramps up testing and outbreaks seeps into new citires. The coronavirus has now infected 203, 
people in the US, killing at least 4, 608 people, according to Johns Hopkins University. President Donald Trump has warned that the country could see an even greater surge in cases over the next few weeks. White House officials are projecting 200, 03 to , US deaths, with coronavirus fatalities peaking over the next two weeks. Global cases are now over 2019, () with more than 58, 03 deaths. – Fitzgerald
7: (am: Stock futures jump, Dow set to open up points
US stock futures indicated an open in the green on Thursday, with the Dow Jones Industrial Average future rising points. The S&P and and Nasdaq Composite were also set to open higher. The stock futures were bolstered by a % spike in oil, which experienced a dismal first quarter due to the coronavirus and an oil price war between Russia and Saudi Arabia.
Stocks are coming off of a disappointing first day of the second quarter on Wednesday. The Dow c losed 4.4%, or nearly 1, points are lower. The S&P and Nasdaq Composite also closed 4.4% lower each.
A big jobless claims report ahead at 8: am ET would likely determine the direction of the market on Thursday. – Fitzgerald
– with reporting from CNBC’s Patti Domm and William Feuer.
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