People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, April 6, 2020.
Nick Oxford | Reuters
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8:00 am: Oil jumps again, adding to comeback from historic lows
Oil rose for a second session on Thursday, rebounding from an unprecedented rout. West Texas Intermediate crude jumped 13.6% to trade at $15.68 per barrel. Brent crude traded $1.60, or 7.6%, higher at $21.94 per barrel. On Monday, the WTI contract for May delivery plunged below zero to trade in negative territory for the first time in history.— Li
7:42 am: Target sees ‘Cyber Monday’-sized online sales boom
Target has seen a sharp increase in online sales, as shoppers try to limit time inside stores or avoid the trips altogether during the coronavirus pandemic, CEO Brian Cornell said. The trend has worked in the discount retailer’s favor, and it expects to emerge from the coronavirus pandemic having gained market share, Cornell said in a call with reporters. Since its fiscal first quarter began Feb. 2, Target’s same-store sales have risen more than 7%. So far in April, comparable digital sales have increased by more than 275% from a year ago.
Despite the strong comparable and digital sales, Target’s stock is down 5% in premarket trading.— Repko, Fitzgerald
7:35 am: Another 4.3 million workers expected to have filed unemployment claims
7:30 am: Stock futures flat ahead of weekly jobless claims
Stock futures swung between losses and gains in early morning trade as investors awaited jobless data for further clues on the health of the labor market amid the coronavirus pandemic.
Dow Jones Industrial Average futures implied an opening drop of about 35 points. S&P 500 and Nasdaq futures were little changed. The futures action followed a rebound in stocks in the previous session as oil market stabilized.— Li
—CNBC’s Patti Domm, Melissa Repko contributed reporting.
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