Stocks were mixed Friday, paring earlier losses as ongoing signs of the economic damage from the coronavirus pandemic compounded with fears of rising U.S.-China tensions. A slew of quarterly corporate earnings results came in mixed.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Concerns that relations with China could become increasingly strained flared up Thursday, with U.S. senators introducing a bipartisan bill that would sanction Chinese officials and organizations who enforce newly introduced security measures in Hong Kong. This came a day after the Senate passed a bill that would make it more difficult for Chinese companies to list on U.S. stock exchanges. All three major indices ended the regular session lower.” data-reactid=”17″>Concerns that relations with China could become increasingly strained flared up Thursday, with U.S. senators introducing a bipartisan bill that would sanction Chinese officials and organizations who enforce newly introduced security measures in Hong Kong. This came a day after the Senate passed a bill that would make it more difficult for Chinese companies to list on U.S. stock exchanges. All three major indices ended the regular session lower.

Overnight, Chinese officials at their National People’s Congress in Beijing declined to provide an annual gross domestic product target for the country’s economic growth for the first time since the practice began about three decades ago, underscoring the economic impact from the coronavirus pandemic. China’s quarterly GDP growth turned negative for the first time on record in the first three months of the year, declining 6.8%.

Earlier on Thursday, the U.S. Labor Department’s weekly report on initial jobless claims showed another 2.438 million individuals filed for unemployment insurance claims last week, bringing the nine-week total for new claims to more than 38 million. Continuing jobless claims hit a fresh record high of more than 25 million, as of the week ended May 8.

“The long fat tail in the profile of job losses during this pandemic suggests that layoffs are no longer just because of the economy shutting down and a backlog of claims being processed,” Torsten Slok, chief economist at Deutsche Bank Securities, said in a note.

“Instead, the fact that we still lost 2.4mn [million] jobs last week after nine weeks of COVID-19 suggests that what is going on is a more permanent reallocation of workers away from jobs in industries that require a high degree of face-to-face and close physical interaction,” he added.

Amid economic data that has remained historically weak, Federal Reserve officials have dimmed hopes of a speedy, V-shaped recovery – an outcome the stock market, up 32% from its March 23 low, has appeared more unwilling to bet against so far.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In commentary Thursday, New York Fed President John Williams&nbsp;said he forecasted a “a couple very difficult months ahead of us,” and Fed Vice Chairman Richard Clarida also said he believed the “net effect” of the pandemic would be “for aggregate demand to decline relative to aggregate supply, both in the near term and over the medium term.”” data-reactid=”23″>In commentary Thursday, New York Fed President John Williams said he forecasted a “a couple very difficult months ahead of us,” and Fed Vice Chairman Richard Clarida also said he believed the “net effect” of the pandemic would be “for aggregate demand to decline relative to aggregate supply, both in the near term and over the medium term.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="After market close, chip-maker Nvidia (NVDA) reported sales for the first quarter that grew 39% over last year and profit that beat expectations, and its guidance for the current quarter topped estimates. Ross Stores (ROST), on the other hand, reported quarterly sales that halved over last year and swung to a loss amid widespread store closures during the pandemic.” data-reactid=”24″>After market close, chip-maker Nvidia (NVDA) reported sales for the first quarter that grew 39% over last year and profit that beat expectations, and its guidance for the current quarter topped estimates. Ross Stores (ROST), on the other hand, reported quarterly sales that halved over last year and swung to a loss amid widespread store closures during the pandemic.

1:26 p.m. ET: Stocks pare declines, S&P 500 and Nasdaq turn positive

Here were the main moves in markets as of 1:27 p.m. ET:

  • S&P 500 (^GSPC): +0.27 points (+0.01%) to 2,948.78

  • Dow (^DJI): -67.88 points (-0.28%) to 24,406.24

  • Nasdaq (^IXIC): +27.29 points (+0.29%) to 9,312.31

  • Crude (CL=F): -$0.74 (-2.18%) to $33.18 a barrel

  • Gold (GC=F): +$12.80 (+0.74%) to $1,734.70 per ounce

  • 10-year Treasury (^TNX): -1.6 bps to yield 0.661%

12:40 p.m. ET: Fauci warns of ‘irreparable damage’ if US stays closed to long: CNBC

Dr. Anthony Fauci, the country’s top infectious disease expert, said in an interview with CNBC that he did not support protracted stay-in-place orders, noting that these could inflict “irreparable damage” to the U.S. economy.

“I don’t want people to think that any of us feel that staying locked down for a prolonged period of time is the way to go,” he said, according to the CNBC interview.

Instead, he advocated a phased reopening to get back to “some degree of normal,” while also cautioning that easing social distancing too quickly could bring on another jump in COVID-19 cases.

9:36 a.m. ET: Stocks open lower

Here were the main moves in markets as of 9:36 a.m. ET:

  • S&P 500 (^GSPC): -6.18 points (-0.21%) to 2,942.33

  • Dow (^DJI): -92.85 points (-0.38%) to 24,381.27

  • Nasdaq (^IXIC): -26.15 points (-0.28%) to 9,258.65

  • Crude (CL=F): -$0.99 (-2.92%) to $32.93 a barrel

  • Gold (GC=F): +$12.10 (+0.7%) to $1,734.00 per ounce

  • 10-year Treasury (^TNX): -1.1 bps to yield 0.666%

8:30 a.m. ET: Alibaba revenue growth slows amid pandemic

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Chinese e-commerce giant Alibaba (BABA) reported a revenue deceleration in the first three months of the year amid the coronavirus pandemic, with sales growing 22% from a 51% pace of increase in the same quarter last year. Annual active customers on its Chinese retail marketplaces grew 11% to 726 million.” data-reactid=”52″>Chinese e-commerce giant Alibaba (BABA) reported a revenue deceleration in the first three months of the year amid the coronavirus pandemic, with sales growing 22% from a 51% pace of increase in the same quarter last year. Annual active customers on its Chinese retail marketplaces grew 11% to 726 million.

“Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March,” CFO Maggie Wu said in a statement.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="During an earnings call Friday morning, Wu said Alibaba will “closely monitor” the developments of the Holding Foreign Companies Accountable Act passed by the U.S. Senate earlier this week, which moves to delist foreign issuers listed on U.S. exchanges that are found not to comply with U.S. accounting principles.” data-reactid=”58″>During an earnings call Friday morning, Wu said Alibaba will “closely monitor” the developments of the Holding Foreign Companies Accountable Act passed by the U.S. Senate earlier this week, which moves to delist foreign issuers listed on U.S. exchanges that are found not to comply with U.S. accounting principles.

Wu said Alibaba holds itself to a “high standard of transparency” and that Alibaba’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

7:15 a.m. ET Friday: Stock futures lower heading into Friday’s regular session

Here were the main moves in markets as of 7:15 a.m. ET:

  • S&P 500 futures (ES=F): 2,927.5, down 9.5 points (-0.32%)

  • Dow futures (YM=F): 24,290.00, down 86 points (-0.35%)

  • Nasdaq futures (NQ=F): 9,314.75, down 41 points (-0.44%)

  • Crude (CL=F): -$2.00 (+5.90%) to $31.92 a barrel

  • Gold (GC=F): +$14.00 (+0.81%) to $1,735.90 per ounce

  • 10-year Treasury (^TNX): -2.8 bps to yield 0.649%

6:04 p.m. ET Thursday: Stock futures open slightly lower

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:03 p.m. ET:

  • S&P 500 futures (ES=F): 2,935.5, down 1.5 points (-0.05%)

  • Dow futures (YM=F): 24,369, down 7 points (-0.03%)

  • Nasdaq futures (NQ=F): 9,356.00, flat

NEW YORK, NEW YORK - MAY 21: A Fresh Direct worker in protective face mask and gloves handles deliveries on May 21, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 332,000 lives with infections of over 5.1 million people. (Photo by Rob Kim/Getty Images)NEW YORK, NEW YORK - MAY 21: A Fresh Direct worker in protective face mask and gloves handles deliveries on May 21, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 332,000 lives with infections of over 5.1 million people. (Photo by Rob Kim/Getty Images)
NEW YORK, NEW YORK – MAY 21: A Fresh Direct worker in protective face mask and gloves handles deliveries on May 21, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 332,000 lives with infections of over 5.1 million people. (Photo by Rob Kim/Getty Images)

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