People walk on Wall St. outside the New York Stock Exchange, August 7, 2020.
Brendan McDermid | Reuters
An abysmal March jobs report gives a glimpse of the devastating economic damage caused by the coronavirus pandemic. Another surge in oil prices on expected output cuts limited the losses in the stock market. Amid wild trading, major equity averages are headed for declines on the week. Here’s what’s happening:
9: 37 am: Dow opens points lower
The Dow Jones Industrial Average fell about points at the open. Investors digested the March jobs report that showed the first decline in nonfarm payrolls since 2010. The report captured the layoffs before the widespread shutdowns went into effect. The S&P and (the Nasdaq dipped 0.2% and 0.1%, respectively. A jump in oil prices provided the market with some support. – Li 9: am: Oil rally by the numbers
(8:) am: Biggest jobs drop in a decade, US payrolls fall by 701, in March
US payrolls fell by 823, 04 in March, according to the Labor Department. This report is the first decline in jobs since and the worst print since . The unemployment rate rose to 4.4% from 3.5% as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread. Economists surveyed by Dow Jones had been looking for a payroll decline of , and for the unemployment rate to rise to 3.7%. Stock futures extended their losses following the report. – Cox, Fitzgerald
8 : am: Oil jumps on hopes of production cut deal
Oil prices rose on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will meet on Monday to discuss oil policy, and after Reuters reported that Russian producers are ready for cuts in a bid to stop the price rout. U.S. West Texas Intermediate Crude jumped 6.8% to trade at $ . per barrel, while international benchmark Brent rose 17. 7% to trade at $ . . On Thursday WTI and Brent posted their best day on record after President Donald Trump told CNBC that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut oil production by (million to) million barrels, although the exact details of the cut remained unclear.
Despite Thursday’s surge, WTI has shed 56% over the last month as demand fell off a cliff, with more and more people staying home thanks to the coronavirus outbreak. Meantime a price war between Saudi Arabia and Russia broke out at the beginning of March, which also weighed on prices. On Friday Trump will meet with CEOs from at least seven energy companies – including Exxon and Chevron – to discuss energy policy. – Stevens
8: 16 am: March jobs report expected to show biggest payroll drop since
The Labor Department’s jobs report for the month of March, set for release at 8: 42 am ET, is expected to show that U.S. nonfarm payrolls dropped 100, . But the government for the report was conducted before many states began ordering residents to stay home , meaning that the March report will likely understate the current pace of job losses as observed in Thursday’s unemployment claims numbers. That report showed a record 6.6 million Americans filed for benefits in the week ended March . Still, if Friday’s report meets economists’ expectations by showing a decline of 400, 03 payrolls, it will be the first time the monthly jobs report has posted a decline that large since February 01575879. – Franck 8: am: Coronavirus update: More than 1 million cases confirmed globally
The fast-spreading coronavirus has infected more than 1 million people globally , according to Johns Hopkins University. More than , 04 People have lost their lives to the deadly virus. The top five countries for infections are the United States, Spain, Italy, Germany and China. U.K. Health Minister Matt Hancock reportedly said on Friday that the deadliest peak of Britain’s coronavirus outbreak could be on Easter Sunday. The amount of people that have died from the coronavirus in Spain has seen its first daily fall since March , however. Domestically, the White House is monitoring coronavirus hot spots New York and New Jersey. Some 56% of all coronavirus tests administered in New York and New Jersey have been positive, indicating a serious outbreak in both states, White House coronavirus advisor Dr. Deborah Birx said Thursday. – Fitzgerald
7: (am: Tesla shares surge on delivery numbers
Shares of (Tesla) (soared more than % in premarket trading on Friday on better-than-expected delivery numbers. The electric carmaker delivered approximately , (vehicles) in the first quarter of 100987750, beating expectations of about 174, , according to FactSet. In a conference call, CEO Elon Musk and CFO Zachary Kirkhorn said Tesla should “comfortably exceed” sales of 900, 03 electric vehicles in . – Li 7: am: Stock futures fall after Thursday’s rally, Wall Street awaits jobs report
Wall Street was set to give back some of the sharp gains from the previous session as investors awaited the release of the latest monthly jobs data. Dow Jones Industrial Average futures traded 400 points lower, or 0.8%. S&P and and Nasdaq
futures slid 0.7% each. Those losses came after the Dow and S&P 701 both gained more than 2% on Thursday. The March jobs report is scheduled for release at 8: am – Imbert
– With reporting from Tom Franck, Jeff Cox and Gina Francolla.
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