<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks added to gains Wednesday as investors continued to price in the possibility of more states relaxing restrictive stay-at-home orders that have decimated U.S. economic growth. Equities held higher even as a new report Wednesday morning showed U.S. private sector companies cut a record 20.2 million jobs in April.” data-reactid=”16″>Stocks added to gains Wednesday as investors continued to price in the possibility of more states relaxing restrictive stay-at-home orders that have decimated U.S. economic growth. Equities held higher even as a new report Wednesday morning showed U.S. private sector companies cut a record 20.2 million jobs in April.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Crude oil prices fell for the first time in six sessions, dipping back below $24 per barrel. Crude, along with major benchmarks, had been under intense selling pressure as the coronavirus demand shock converged with an oversupplied market, and a price war between Saudi Arabia and Russia.” data-reactid=”17″>Crude oil prices fell for the first time in six sessions, dipping back below $24 per barrel. Crude, along with major benchmarks, had been under intense selling pressure as the coronavirus demand shock converged with an oversupplied market, and a price war between Saudi Arabia and Russia.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disney (DIS) reported second-quarter earnings that revealed the scope of how badly the COVID-19 crisis has walloped Corporate America, which sent the stock 2% lower in after-hours dealings.” data-reactid=”18″>Disney (DIS) reported second-quarter earnings that revealed the scope of how badly the COVID-19 crisis has walloped Corporate America, which sent the stock 2% lower in after-hours dealings.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The entertainment giant saw earnings dive from the comparable year-ago quarter, as park closures dragged on the bottom line. However, revenues were boosted by a double-digit surge in digital properties — including its nascent streaming service, Disney+, which has seen subscribers soar to over 54 million.” data-reactid=”19″>The entertainment giant saw earnings dive from the comparable year-ago quarter, as park closures dragged on the bottom line. However, revenues were boosted by a double-digit surge in digital properties — including its nascent streaming service, Disney+, which has seen subscribers soar to over 54 million.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Across the U.S., cases as a whole rose to more than 1.2 million, with deaths topping 70,000. In New York state, the latest reported daily death toll was 230 as of Tuesday’s count, roughly flat from the day prior, and fewer than 700 people were newly hospitalized. In California, Governor Gavin Newsom said the state’s lockdown restrictions will begin loosening on Friday, joining a number of other states in slowly kick-starting the business reopening process.” data-reactid=”20″>Across the U.S., cases as a whole rose to more than 1.2 million, with deaths topping 70,000. In New York state, the latest reported daily death toll was 230 as of Tuesday’s count, roughly flat from the day prior, and fewer than 700 people were newly hospitalized. In California, Governor Gavin Newsom said the state’s lockdown restrictions will begin loosening on Friday, joining a number of other states in slowly kick-starting the business reopening process.

The New York metro area accounts for roughly 1/6 of the U.S. total. (Graphic: David Foster/Yahoo Finance)The New York metro area accounts for roughly 1/6 of the U.S. total. (Graphic: David Foster/Yahoo Finance)
The New York metro area accounts for roughly 1/6 of the U.S. total. (Graphic: David Foster/Yahoo Finance)

Other states have already begun to reopen businesses — including Georgia, Florida and Texas. Those regions are being watched for signs that loosening the economically crippling stay-in-place orders can provide a boost to economic activity, but without sparking a new wave of infections that could lead to a devastating second round of lockdowns.

Meanwhile, more signs of distress emerged from key industries undermined by social distancing measures at containing the virus’ march.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Norwegian Cruise Line Holdings (NCLH) said Tuesday it had “substantial doubt” about its “ability to continue” as a “going concern” in the current environment, with the pandemic potentially driving a lasting impact on consumers’ willingness to take cruises. Hertz (HTZ) at least temporarily avoided filing bankruptcy after its lenders granted it more time to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic.”” data-reactid=”34″>Norwegian Cruise Line Holdings (NCLH) said Tuesday it had “substantial doubt” about its “ability to continue” as a “going concern” in the current environment, with the pandemic potentially driving a lasting impact on consumers’ willingness to take cruises. Hertz (HTZ) at least temporarily avoided filing bankruptcy after its lenders granted it more time to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic.”

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="9:33 a.m. ET: Stocks open higher as Wall Street shakes off stream of tough data” data-reactid=”36″>9:33 a.m. ET: Stocks open higher as Wall Street shakes off stream of tough data

Here were the main moves in markets, as of 9:33 a.m. ET:

  • S&P 500 (^GSPC): +20.34 points (+0.71%) to 2,888.78

  • Dow (^DJI): +168.48 points (+0.71%) to 24,051.57

  • Nasdaq (^IXIC): +92.09 (+1.05%) to 8,902.27

  • Crude (CL=F): -$1.19 (-4.85%) to $23.37 a barrel

  • Gold (GC=F): -$21.70 (-1.27%) to $1,688.90 per ounce

  • 10-year Treasury (^TNX): +6.4 bps to yield 0.721%

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="9:11 a.m. ET: Uber slashes 3,700 jobs, CEO foregoes base salary for the rest of the year, to cut costs amid pandemic” data-reactid=”46″>9:11 a.m. ET: Uber slashes 3,700 jobs, CEO foregoes base salary for the rest of the year, to cut costs amid pandemic

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Ride-hailing company Uber (UBER) said in a securities filing Wednesday it will cut 3,700 full-time employee roles mostly in its customer service and recruiting teams in a bid to cut costs as the coronavirus pandemic dents business. This will amount to about 14% of its 26,900 employees as of Uber’s most recently disclosed headcount.” data-reactid=”47″>Ride-hailing company Uber (UBER) said in a securities filing Wednesday it will cut 3,700 full-time employee roles mostly in its customer service and recruiting teams in a bid to cut costs as the coronavirus pandemic dents business. This will amount to about 14% of its 26,900 employees as of Uber’s most recently disclosed headcount.

The company plans to incur $20 million in severance and other termination benefit-related costs following the move, it said in the filing.

The company also said its CEO Dara Khosrowshahi will forego his base salary for the remainder of the year ended December 31.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="8:30 a.m. ET: Post-COVID recovery ‘is going to take years’” data-reactid=”51″>8:30 a.m. ET: Post-COVID recovery ‘is going to take years’

The ADP data was just as grim as markets anticipated, which may be why stocks are in Honey Badger mode and holding pre-market gains.

Count Peter Boockvar at Bleakley among those who don’t see a V or U-shaped recovery, but something that’s shaping up to be a multi-year rebound:

Bottom line, this is what you get when government forces business to close and consumers are fearful to go outside. We know however that as things reopen, many of these jobs will get restored but certainly to not anywhere near where they stood in February. Let’s be honest, this is a healing process that is going to take years. 

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="8:15 a.m. ET: Private payrolls drop by 20.236 million in April, the worst on record: ADP” data-reactid=”65″>8:15 a.m. ET: Private payrolls drop by 20.236 million in April, the worst on record: ADP

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="U.S. private sector payrolls plunged by 20.236 million in April, according to ADP’s monthly report released Wednesday. This was the worst one-month decline on record. The result was trivially better than the 20.55 million private job losses expected for April, according to the median economist estimate as compiled by Bloomberg.” data-reactid=”66″>U.S. private sector payrolls plunged by 20.236 million in April, according to ADP’s monthly report released Wednesday. This was the worst one-month decline on record. The result was trivially better than the 20.55 million private job losses expected for April, according to the median economist estimate as compiled by Bloomberg.

Private payrolls for March were sharply downwardly revised to see a drop of 149,000, from the decline of 27,000 previously reported.

Large businesses, or those with between 500 or more employees, saw most of the declines, with this category shedding 8.963 million jobs in April. Small businesses, or those with between 1-49 employees, saw payrolls shrink by 6 million, and medium-sized businesses shed 5.269 million payrolls.

By sector, service-providing industries were worse off than their goods-producing counterparts, as the coronavirus pandemic and social distancing measures drove a steep drop-off in payrolls in leisure and hospitality and trade services.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="7:45 a.m. ET: General Motors ekes out profit despite big coronavirus hit” data-reactid=”71″>7:45 a.m. ET: General Motors ekes out profit despite big coronavirus hit

Jody Barrowman works on making protective masks in Warren, Mich., Thursday, April 23, 2020. General Motors has about 400 workers at the now-closed transmission plant in suburban Detroit. All over the country, blue-collar and salaried workers have raised their hands to make medical equipment as companies repurpose factories to answer calls for help from beleaguered nurses, doctors and paramedics who are treating patients with the highly contagious new coronavirus COVID-19. (AP Photo/Paul Sancya)Jody Barrowman works on making protective masks in Warren, Mich., Thursday, April 23, 2020. General Motors has about 400 workers at the now-closed transmission plant in suburban Detroit. All over the country, blue-collar and salaried workers have raised their hands to make medical equipment as companies repurpose factories to answer calls for help from beleaguered nurses, doctors and paramedics who are treating patients with the highly contagious new coronavirus COVID-19. (AP Photo/Paul Sancya)
Jody Barrowman works on making protective masks in Warren, Mich., Thursday, April 23, 2020. General Motors has about 400 workers at the now-closed transmission plant in suburban Detroit. All over the country, blue-collar and salaried workers have raised their hands to make medical equipment as companies repurpose factories to answer calls for help from beleaguered nurses, doctors and paramedics who are treating patients with the highly contagious new coronavirus COVID-19. (AP Photo/Paul Sancya)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The biggest of Detroit’s Big Three (GM) saw first quarter profit dive as it burned through cash, after North American vehicle production shut down as the pandemic took root in the U.S. GM, however, posted a profit of $274 million, and is hoping to restart most North American production on May 18.&nbsp;Shares rallied by nearly 5% in pre-market action.” data-reactid=”83″>The biggest of Detroit’s Big Three (GM) saw first quarter profit dive as it burned through cash, after North American vehicle production shut down as the pandemic took root in the U.S. GM, however, posted a profit of $274 million, and is hoping to restart most North American production on May 18. Shares rallied by nearly 5% in pre-market action.

7:36 a.m. ET: Wendy’s slashes dividend and posts more than 50% drop in first-quarter net income

Wendy’s lowered its first-quarter dividend to 5 cents a share from 12 cents previously and reported first-quarter profit that more than halved over last year as its investments in building out its breakfast offerings were unable to be offset with higher revenue as the coronavirus pandemic hit restaurant chains across the country.

First-quarter revenue declined about 1% over last year to $405 million, missing estimates for $412.8 million, according to Bloomberg-compiled data. Net income dropped to $14.4 million, down 54.9% from the $31.9 million reported in the same quarter last year.

7:22 a.m. ET: CVS first-quarter profit, sales rise over last year on as consumers stocked up on drugstore goods

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Health giant CVS (CVS) posted first-quarter results that rose over last year on both the top and bottom lines, driven by strong results in its pharmacy benefit manager and drugstore businesses.” data-reactid=”90″>Health giant CVS (CVS) posted first-quarter results that rose over last year on both the top and bottom lines, driven by strong results in its pharmacy benefit manager and drugstore businesses.

First-quarter adjusted earnings per share of $1.91 on net revenue of $66.76 billion were each higher than the $1.62 per share on net sales of $64.39 billion expected. The impacts of Covid-19 added about 10 cents to first-quarter adjusted EPS, CVS said, “as we met elevated consumer and member needs.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="CVS highlighted an “increase in prescription volume due to pull-forward in scripts driven by early maintenance medication refills and greater use of 90-day prescriptions,” amid the coronavirus outbreak. Front-store revenue in CVS’s retail segment grew 8.5%, a “significant portion” of which was due to Covid-19, the company said.” data-reactid=”92″>CVS highlighted an “increase in prescription volume due to pull-forward in scripts driven by early maintenance medication refills and greater use of 90-day prescriptions,” amid the coronavirus outbreak. Front-store revenue in CVS’s retail segment grew 8.5%, a “significant portion” of which was due to Covid-19, the company said.

Unlike a number of other companies which have withdrawn guidance in recent weeks, CVS maintained its full-year earnings outlook, and still sees adjusted EPS in a range of $7.04 and $7.17 for 2020.

7:15 a.m. ET: Weekly mortgage applications for home purchases rose for a third straight week

An index tracking mortgage applications for home purchases rose on a week-over-week basis for a third consecutive week for the period ended May 1, indicating some recovery in home-buying amid the coronavirus pandemic.

The Mortgage Bankers Association’s (MBA) unadjusted Purchase Index rose 7% over the prior week, according to a statement, but was still 19% lower from the same week a year ago. An index tracking refinances fell 2% from the previous week, but was 210% higher than the same week a year ago.

The 30-year fixed rate mortgage declined to a fresh record low of 3.4% last week, according to the MBA.

“Despite lower rates, refinance applications dropped, as many lenders are offering higher rates for refinances than for purchase loans, and others are suspending the availability of cash-out refinance loans because of their inability to sell them to Fannie Mae and Freddie Mac,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement.

“Purchase volume increased for the third week in a row, led by strong growth in Arizona, Texas and California. Although purchase activity remains almost 19 percent below year-ago levels, this annualized deficit has decreased as more states reopen amidst the apparent, pent-up demand for home-buying,” he added.

7:08 a.m. ET Wednesday: Stock futures extend gains

Here were the main moves in markets, as of 7:07 a.m. ET Wednesday:

  • S&P 500 futures (ES=F): up 25 points, or 0.87%, to 2,883.25

  • Dow futures (YM=F): up 210 points, or 0.88%, to 23,971.00

  • Nasdaq futures (NQ=F): up 72 points, or 0.81%, to 8,996.25

  • Crude (CL=F): +$0.90 (+3.66%) to $25.46 a barrel

  • Gold (GC=F): -$2.20 (-0.13%) to $1,708.40 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 0.684%

6:04 p.m. ET Tuesday: Stock futures open slightly higher

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:20 p.m. ET:

  • S&P 500 futures (ES=F): up 5.75 points, to 2,864

  • Dow futures (YM=F): up 36 points to 23,797

  • Nasdaq futures (NQ=F): up 24.75 to 8,949.00

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”118″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For tutorials and information on investing and trading stocks, check out Cashay” data-reactid=”120″>For tutorials and information on investing and trading stocks, check out Cashay