<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks hugged the flatline Friday on the heels of a volatile session a day earlier, when stocks were whipsawed amid conflicting signals over the results of a clinical trial for a coronavirus antiviral treatment candidate. The latest batch of economic data released Friday morning showed further signs of stress on the U.S. manufacturing sector, with durable goods orders down the most in six years in March.” data-reactid=”16″>Stocks hugged the flatline Friday on the heels of a volatile session a day earlier, when stocks were whipsawed amid conflicting signals over the results of a clinical trial for a coronavirus antiviral treatment candidate. The latest batch of economic data released Friday morning showed further signs of stress on the U.S. manufacturing sector, with durable goods orders down the most in six years in March.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="West Texas intermediate crude oil futures (CL=F) were on track for a fourth straight day of advances, after Treasury Secretary Steven Mnuchin reportedly said he was considering a lending program for U.S. oil companies.” data-reactid=”17″>West Texas intermediate crude oil futures (CL=F) were on track for a fourth straight day of advances, after Treasury Secretary Steven Mnuchin reportedly said he was considering a lending program for U.S. oil companies.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The coronavirus pandemic showed further, but still tentative, signs of leveling off on Thursday, with hospitalizations and new diagnoses declining in the hardest-hit U.S. states of New York and New Jersey. Separately, however, California reported its “deadliest day” on Thursday, adding 115 new deaths, or the highest for the state in a 24-hour period. Earlier this week, some southern states began a multi-phase economic reopening process. However, many medical experts have warned that easing social distancing restrictions across the country too soon could backfire and trigger another major wave of infections.” data-reactid=”18″>The coronavirus pandemic showed further, but still tentative, signs of leveling off on Thursday, with hospitalizations and new diagnoses declining in the hardest-hit U.S. states of New York and New Jersey. Separately, however, California reported its “deadliest day” on Thursday, adding 115 new deaths, or the highest for the state in a 24-hour period. Earlier this week, some southern states began a multi-phase economic reopening process. However, many medical experts have warned that easing social distancing restrictions across the country too soon could backfire and trigger another major wave of infections.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Still, weeks-long social distancing measures have ravaged the U.S. economy. Further signs of the devastating economic toll from the coronavirus pandemic emerged on Thursday, with the Labor Department reporting another 4.427 million individuals filed new unemployment claims last week. The new data marked the third straight week that new jobless claims fell on a week-over-week basis, but brought the total number of initial unemployment insurance claims over the last five weeks to more than 26 million.” data-reactid=”19″>Still, weeks-long social distancing measures have ravaged the U.S. economy. Further signs of the devastating economic toll from the coronavirus pandemic emerged on Thursday, with the Labor Department reporting another 4.427 million individuals filed new unemployment claims last week. The new data marked the third straight week that new jobless claims fell on a week-over-week basis, but brought the total number of initial unemployment insurance claims over the last five weeks to more than 26 million.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Net, net, jobless claims are warning that the worst isn't over yet for the American economy with businesses and consumers alike being sucked down into the abyss of the pandemic recession,” Chris Rupkey, chief financial economist for MUFG, wrote in a note Thursday.” data-reactid=”20″>“Net, net, jobless claims are warning that the worst isn’t over yet for the American economy with businesses and consumers alike being sucked down into the abyss of the pandemic recession,” Chris Rupkey, chief financial economist for MUFG, wrote in a note Thursday.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Thursday after market close, the U.S. House of Representatives passed a $486 billion relief package to provide funds to small businesses and hospitals upended by the pandemic. The legislation, which boosts a vital small business aid program that ran out of funds last week, was cleared by the Senate earlier this week, and heads to President Donald Trump’s desk for signing.” data-reactid=”21″>Thursday after market close, the U.S. House of Representatives passed a $486 billion relief package to provide funds to small businesses and hospitals upended by the pandemic. The legislation, which boosts a vital small business aid program that ran out of funds last week, was cleared by the Senate earlier this week, and heads to President Donald Trump’s desk for signing.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:30 a.m. ET: AT&amp;T gains as CEO’s departure announced” data-reactid=”23″>10:30 a.m. ET: AT&T gains as CEO’s departure announced

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Randall Stephenson, who’s oversaw AT&amp;T’s controversial merger with Time Warner, will be leaving the company as of July 1 and will be replaced by COO John Stankey.” data-reactid=”28″>Randall Stephenson, who’s oversaw AT&T’s controversial merger with Time Warner, will be leaving the company as of July 1 and will be replaced by COO John Stankey.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stephenson had previously vowed to remain through the end of the year (which obviously isn’t the case now), which may spark speculation about whether he was pushed/lost the board’s support. Late last year, the company came under pressure from activist firm Elliott Management, which was pushing for the separation of CEO and chairman roles, among other management changes.” data-reactid=”29″>Stephenson had previously vowed to remain through the end of the year (which obviously isn’t the case now), which may spark speculation about whether he was pushed/lost the board’s support. Late last year, the company came under pressure from activist firm Elliott Management, which was pushing for the separation of CEO and chairman roles, among other management changes.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="AT&amp;T (T) is up 0.60% in morning trading, hovering just under $30 per share.” data-reactid=”30″>AT&T (T) is up 0.60% in morning trading, hovering just under $30 per share.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:08 a.m. ET: Stocks erase earlier gains, Nasdaq turns negative” data-reactid=”33″>10:08 a.m. ET: Stocks erase earlier gains, Nasdaq turns negative

Stocks erased earlier gains around market open to trade roughly flat. The Nasdaq fell 16 points, or about 0.2%. Each of the S&P 500 and Dow were up less than 1 point, with declines in the tech-heavy Communication sector weighing on the former.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:00 a.m. ET: April decline in consumer sentiment ‘indicates an ongoing recession’ University of Michigan” data-reactid=”36″>10:00 a.m. ET: April decline in consumer sentiment ‘indicates an ongoing recession’ University of Michigan

An index of consumer sentiment dropped by nearly 20% in April from March to 71.8, from 89.1 in March, according to the University of Michigan’s final April survey. The final headline index was little changed from the preliminary print of 71.0 released earlier this month, and was above consensus economist expectations for a drop to 68.0.

“The notable divergence between the two main components of the Sentiment Index remained large. The Current Conditions Index fell by 29.4 points in the past month and by 40.5 points in the past two months, whereas the Expectations Index has posted smaller declines of 9.6 points in the past month and 22.0 points from February,” Richard Curtin, surveys of consumers chief economist, said in a statement. “While the decline in both indices indicates an ongoing recession, the gap reflects the anticipated cyclical nature of the coronavirus.”

“In the weeks ahead, as several states reopen their economies, more information will reach consumers about how reopening could cause a resurgence in coronavirus infections,” he added. “Consumers’ reactions to relaxing restrictions will be critical, either putting further pressure on states to reopen their economies, or exerting added pressure to extend the restrictions even if it has negative consequences for economic prospects.”

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="9:45 a.m. ET: Analysts see the beginning of the end to oil rout” data-reactid=”45″>9:45 a.m. ET: Analysts see the beginning of the end to oil rout

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The biggest market story of the week has been crude, which spooked investors by turning negative — only to skyrocket in subsequent sessions. The macro theme is still oversupply in a world where demand has been hit hard by the coronavirus, but some market observers think oil has stabilized for the time being.” data-reactid=”50″>The biggest market story of the week has been crude, which spooked investors by turning negative — only to skyrocket in subsequent sessions. The macro theme is still oversupply in a world where demand has been hit hard by the coronavirus, but some market observers think oil has stabilized for the time being.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Veteran commodity watcher Vandana Hari told Yahoo Finance on Friday that it was "hard to say" if the worst is behind us, but he does think there’s a “tentative floor” in oil. Still, Hari echoed other market participants who think U.S. producers are in deep trouble.” data-reactid=”51″>Veteran commodity watcher Vandana Hari told Yahoo Finance on Friday that it was “hard to say” if the worst is behind us, but he does think there’s a “tentative floor” in oil. Still, Hari echoed other market participants who think U.S. producers are in deep trouble.

9:33 a.m. ET: Stocks open higer

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

  • S&P 500 (^GSPC): +14.13 points (+0.51%) to 2,811.93

  • Dow (^DJI): +119.8 points (+0.51%) to 23,637.1

  • Nasdaq (^IXIC): +0.34 points (+0.35%) to 8,524.29

  • Crude (CL=F): +$0.81 (+4.91%) to $17.31 a barrel

  • Gold (GC=F): +$9.00 (+0.52%) to $1,754.40 per ounce

  • 10-year Treasury (^TNX): +0.7 bps to yield 0.618%

8:30 a.m. ET: Durable goods orders plunge by most since 2014 in March, missing expectations

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Durable goods orders sank 14.4% in March, according to the Census Bureau’s preliminary monthly results, marking the biggest drop in six years. This was worse than the decline of 12.0% anticipated, according to Bloomberg data of consensus economist expectations. In February, durable goods orders rose by 1.1%.” data-reactid=”65″>Durable goods orders sank 14.4% in March, according to the Census Bureau’s preliminary monthly results, marking the biggest drop in six years. This was worse than the decline of 12.0% anticipated, according to Bloomberg data of consensus economist expectations. In February, durable goods orders rose by 1.1%.

Excluding transportation, durable goods orders fell 0.2% in March, or better than the decline of 6.5% expected. Durable goods orders excluding transportation fell 0.7% in February.

Non-defense capital goods orders, excluding aircraft, unexpectedly rose by 0.1% in March, while a 6.7% decline had been anticipated. This measure is used as a closely watched proxy of business investment plans.

7:20 a.m. ET: American Express net income slides 76% over last year as pandemic curbs consumer spending, drives higher provisions for losses

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="American Express (AXP) reported net income of $367 million, or 41 cents, for the fiscal first quarter, representing a drop 76% over last year’s $1.6 billion, or $1.80 per share.” data-reactid=”70″>American Express (AXP) reported net income of $367 million, or 41 cents, for the fiscal first quarter, representing a drop 76% over last year’s $1.6 billion, or $1.80 per share.

The results were driven in large part by a significant build in the payment company’s provisions for losses of $2.6 billion, including a $1.7 billion reserve build to “reflect deterioration of the global estimated macroeconomic outlook as a result of COVID-19 impacts.”

American Express highlighted the impact the coronavirus pandemic was having on customer spending behavior, noting that the effects “accelerated in April” and “dramatically” impacted their volumes.

“The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world,” CEO Stephen J. Squeri said in a statement.

Overall first-quarter adjusted earnings per share were $1.98, or better than the $1.60 expected, according to Bloomberg data. First-quarter revenue of $10.3 billion missed consensus estimates for $10.6 billion.

7:07 a.m. ET Friday: Stock futures rise

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

  • S&P 500 futures (ES=F): up 20.5 points, or +0.74% to 2,801.25

  • Dow futures (YM=F): up 160 points, or +0.69% to 23,497.00

  • Nasdaq futures (NQ=F): up 44.5 points, or +0.52% to 8,643.25

  • Crude (CL=F): +$0.41 (+2.48%) to $16.91 a barrel

  • Gold (GC=F): +$12.50 (+0.72%) to $1,757.90 per ounce

  • 10-year Treasury (^TNX): -0.7 bps to yield 0.604%

6:03 p.m. ET Thursday: Stock futures little changed after volatile session

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

  • S&P 500 futures (ES=F): up 1 point, or +0.04% to 2,781.75

  • Dow futures (YM=F): up 13 points, or +0.06% to 23,350.00

  • Nasdaq futures (NQ=F): down 11.75 points, or -0.14% to 8,587.00

American Stock ExchangeAmerican Stock Exchange
American Stock Exchange

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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=”106″>For tutorials and information on investing and trading stocks, check out Cashay