Stock market live updates: Futures flat, another 4.4 million jobless claims, oil jumps 20% - CNBC

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

This is a live blog. Please check back for updates.

8:38 am: The US economy has now erased all job gains since the Great Recession

It took only five weeks for the U.S. economy to wipe out all the job gains it added over the last 11 years. The coronavirus and forced business closures throughout the U.S. again buoyed the number of Americans applying for state unemployment benefits, which last week totaled 4.427 million, the Labor Department reported Thursday. Combined with the four prior jobless claims reports, the number of Americans who have filed for unemployment over the previous five weeks is 26.45 million. That number exceeds the 22.442 million jobs added to nonfarm payrolls since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession. —Franck

8:31 am: 4.4 million Americans filed for jobless claims last week

Another 4.427 million workers filed state unemployment claims in the week ended April 18, bringing the total number seeking benefits over the past five weeks to more than 26 million. There was little reaction from stocks and bonds following the jobs report.— Li

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 Thomas Franck, Patti Domm, Melissa Repko contributed reporting.

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Stock market live updates: Futures flat, another 4.4 million jobless claims, oil jumps 20% - CNBC
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