5 things to know before the stock market opens Thursday - 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, 2020.

Michael Nagle | Bloomberg via Getty Images

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 18-year lows

The president is set to meet with the leaders of at least seven major energy companies on Friday as U.S. 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-19 is "on track" with public distribution still projected in 12 to 18 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, U.S. confirmed cases surged to more than 216,700, according to Johns Hopkins University data. American fatalities rose to 5,137. The White House, predicting a "very, very painful two weeks," estimates a death toll of 100,000 to 240,000.

Globally, known cases reached more than 952,000 — nearing 1 million since the outbreak started in China in December. There have been 48,319 worldwide deaths and about 192,000 recoveries. Italy has the second most cases globally at more than 110,500, nearly half the U.S. total. But it has the most deaths: 13,155.

5. Boeing reportedly to offer early retirements, buyouts as soon as Thursday

Dave Calhoun, Chairman of Boeing.

Adam Jeffery | CNBC

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