Dow futures were pointing to a decline at Friday's open ahead of the government's March employment report. However, the data sample, taken before states started issuing stay-at-home orders, will only show a fraction of the devastation from the coronavirus economic halt seen in the latest doubling of weekly first-time jobless claims to over 6.6. million. The Dow Jones Industrial Average, still firmly in a bear market, gained 470 points Thursday. But it was on pace for its third negative week in the past four. Last week, the Dow logged its best weekly gain since 1938. (CNBC)
The Centers for Disease Control and Prevention, in a reversal, is expected recommend that many Americans wear cloth face coverings in public in an effort to slow the spread of the coronavirus. The White House invoked the Defense Production Act again to help facilitate the supply of ventilator materials for six companies. The president went after mask maker 3M in a late afternoon tweet. (AP & Reuters)
President Donald Tump plans to meet with American oil leaders on Friday, a day after he told CNBC's Joe Kernen that he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman and expects them to reach a production cut deal to end their price war. (CNBC)
Millions of small businesses are expected to apply for desperately needed rescue loans starting Friday. However, none of the participating banks interviewed by CNBC was sure they'd be ready. JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered. (CNBC)
Global coronavirus cases have surpassed more than 1 million with 53,974 deaths and over 206,000 recoveries, according to Johns Hopkins University data. America has nearly a quarter of the world's cases with over 245,500 known infections, the most of any nation by far. The U.S. death toll has exceeded 6,000. Italy and Spain have half the cases but many more deaths. Italy has the most fatalities with 13,915. Spain has the second most with deaths with 10,953.
New York, with nearly 93,000 cases, and New Jersey, with over 25,500, account for nearly half of all U.S. infections. White House coronavirus advisor Dr. Deborah Birx said at Thursday evening's briefing that about 35% of all coronavirus tests administered in New York and New Jersey have been positive. (CNBC)
STOCKS TO WATCH
Walt Disney (DIS) is furloughing workers in all its U.S. divisions, as it deals with the impact of the coronavirus outbreak. It did not say exactly how many workers would be furloughed.
Tesla (TSLA) delivered 88,400 vehicles during the first quarter, up 40 percent from a year ago. However, Tesla did not say how the coronavirus outbreak might impact future sales.
Novartis (NVS) and Incyte Pharmaceuticals (INCY) will test their bone marrow cancer drug Jakavi as a possible treatment for COVID-19 patients.
Apple (AAPL) plans to keep its U.S. stores closed until early May, according to a Bloomberg report. Apple is also said to be remaining flexible about arranging for staff to work from home.
General Electric (GE) has furloughed half of the workers in its GE Aviation unit, as the aviation industry deals with severe impact of the coronavirus outbreak. GE Chief Executive Larry Culp told CNBC's Jim Cramer on "Mad Money" the company has sufficient liquidity to handle the crisis.
Bed Bath & Beyond (BBBY) is postponing dividends until further notice, and has also extended store closures until at least May 2. It will also reduce salaries by 30 percent across its executive team.
Caesars Entertainment (CZR) furloughed 90% of its US workforce, with the casino industry essentially shut down. Caesars said it would operate at the "minimum workforce needed to maintain basic operations".
Chewy (CHWY) reported a smaller-than-expected quarterly loss and revenue that matched expectations. The pet products seller noted increased sales of pet staples like cat food in the wake of the virus outbreak.
WATERCOOLER
HBO, a division of AT&T's WarnerMedia, is offering a bunch of TV shows, including the "Silicon Valley" series, and movies for free beginning on Friday. Customers can access them on any platform where HBO Now and HBO Go are supported, which includes iPhones, Android devices, smart TVs and streaming boxes such as Roku, Apple TV and Amazon Fire TV. HBO said the initial plan is to provide the free content for a month. (CNBC)
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