<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks opened slightly higher as investors digested Thursday’s initial unemployment claims report, which showed another millions more individuals filed for unemployment benefits last week. Investors also considered the historic levels of volatility in crude oil prices this week, which at least temporarily stabilized.” data-reactid=”16″>Stocks opened slightly higher as investors digested Thursday’s initial unemployment claims report, which showed another millions more individuals filed for unemployment benefits last week. Investors also considered the historic levels of volatility in crude oil prices this week, which at least temporarily stabilized.

Last week’s initial jobless claims totaled 4.427 million for the week, a fifth straight week that new unemployment claims were in the multi-millions, but the third straight week that the number of new claims fell relative to the prior week.

Since mid-March, new unemployment claims ballooned to more than 26 million, reflecting stunning levels of joblessness as workers were furloughed or laid off in troves amid pandemic-related business closures.

“It is clear that while the initial wave of job losses were concentrated in retail and hospitality due to the shutdowns, it is spreading to suppliers and to other industries,” James Knightley, chief international economist for ING, wrote in a note Thursday morning. “Terrible manufacturing surveys point to job losses and the business service sector is certainly not going to be immune.”

“It will be interesting to see what happens in the states that are re-opening parts of their economy from this weekend – Georgia, Tennessee, South Carolina and Florida,” he added. “We would assume jobless claims will fall back sharply here, but if consumers remain reluctant to go shopping or visit a restaurant due to lingering Covid-19 fears, then employment is not going to rebound quickly. As such it would be another signal that a V-shaped recovery for the US economy is highly unlikely.”

Meanwhile, market participants hoped that a quick passage of further fiscal stimulus from Congress would blunt at least some of the economic damage from the coronavirus outbreak and help bring some back to company payrolls.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The U.S. House of Representatives is expected to pass a refunding package for the Paycheck Protection Program Thursday afternoon. The legislation would authorize another $320 billion for small business loans – after the original allotment for $349 billion ran out of funds in less than two weeks – and additional funding for hospitals and COVID-19 testing. The Senate cleared the package earlier this week.” data-reactid=”22″>The U.S. House of Representatives is expected to pass a refunding package for the Paycheck Protection Program Thursday afternoon. The legislation would authorize another $320 billion for small business loans – after the original allotment for $349 billion ran out of funds in less than two weeks – and additional funding for hospitals and COVID-19 testing. The Senate cleared the package earlier this week.

Oil prices, roiled by wild volatility in recent days, steadied somewhat as steep selling abated from earlier in the week. June West Texas intermediate crude oil futures rose about 11.5% to more than $15 per barrel as of 7 a.m. Thursday in New York.

9:31 a.m. ET: Stocks open higher after new jobless claims

Here were the main moves in markets, as of 9:31 a.m. ET Thursday:

  • S&P 500 futures (ES=F): up 11.31 points, or +0.4% to 2,811.14

  • Dow futures (YM=F): up 75.87 points, or +0.32% to 23,551.69

  • Nasdaq futures (NQ=F): up 27.69 points, or +0.33% to 8,526.17

  • Crude (CL=F): +$2.73 (+19.81%) to $16.51 a barrel

  • Gold (GC=F): +$7.00 (+0.4%) to $1,745.30 per ounce

  • 10-year Treasury (^TNX): -0.6 bps to yield 0.613%

8:30 a.m. ET: New unemployment claims totaled 4.427 million last week

New unemployment insurance claims totaled a seasonally adjusted 4.427 million for the week ended April 18, the Department of Labor said Thursday. The prior week’s level was revised down to 5.237 million from the 5.245 million reported previously.

The new data brought the total new claims filed over the past five weeks to more than 26 million.

Continuing unemployment claims, which are reported on a one-week lag, were a seasonally adjusted 15.976 million for the week ended April 11. This marked a fresh record high, and rose from the prior week’s 11.912 million continuing jobless claims.

Consensus economists had expected new unemployment claims to come in at 4.427 million for the week ended April 18, and for continuing claims to total 16.738 million for the week ended April 11, according to Bloomberg data.

7:15 a.m. ET: Eli Lilly 1Q results top expectations after consumer prescription-buying boost during outbreak

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Pharmaceutical company Eli Lilly (LLY) posted first-quarter results that beat consensus expectations on the top and bottom lines, after consumers stocked up on prescriptions amid the coronavirus outbreak and stay-in-place orders.” data-reactid=”42″>Pharmaceutical company Eli Lilly (LLY) posted first-quarter results that beat consensus expectations on the top and bottom lines, after consumers stocked up on prescriptions amid the coronavirus outbreak and stay-in-place orders.

“The company estimates that revenue in the first quarter of 2020 for many of its products was favorably impacted by increased customer buying patterns and patient prescription trends resulting from the COVID-19 pandemic that increased revenue by approximately $250 million worldwide,” Eli Lilly said in a statement. “The company believes that the increase in U.S. revenue from COVID-19 primarily impacted its portfolio of diabetes medicines, with estimated increases of approximately $70 million to $80 million for insulin products and approximately $30 million to $40 million for Trulicity.”

Trulicity revenues surged 40% over last year to $1.23 billion. Taltz, an autoimmune disease treatment, saw a 76% jump in sales over last year to $443.5 million.

Eli Lilly delivered company-wide adjusted earnings per share of $1.75 on revenue of $5.86 billion, topping expectations for $1.51 per share on revenue of $5.49 billion, according to Bloomberg data.

7:03 a.m. ET Thursday: Stock futures slightly lower ahead of jobless claims report

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET Wednesday evening:

  • S&P 500 futures (ES=F): down 2.75 points, or -0.10% to 2,785.75

  • Dow futures (YM=F): down 50 points, or -0.21% to 23,306.00

  • Nasdaq futures (NQ=F): down 15 points, or -0.17% to 8,623.00

  • Crude (CL=F): +$1.59 (+11.54%) to $15.37 a barrel

  • Gold (GC=F): +$11.50 (+0.66%) to $1,749.80 per ounce

  • 10-year Treasury (^TNX): +0.8 bps to yield 0.627%

6:05 p.m. ET Wednesday: Stock futures little changed, steadying after regular-session advances

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET Wednesday evening:

  • S&P 500 futures (ES=F): up 1.75 points, or +1.75% to 2,790.25

  • Dow futures (YM=F): up 15 points, or +0.06% to 23,371.00

  • Nasdaq futures (NQ=F): up 2.25 points, or +0.03% to 8,640.25

Residents of New York City has been requested to stay at home during the Coronavirus pandemic resulting in the streets looking deserted. A landscape view of the deserted looking NYSE on a Wednesday afternoon. The Trinity Church is seen at the background. Most churches are still open for public access. Usually this place gets crowded at this time of the day and week.Residents of New York City has been requested to stay at home during the Coronavirus pandemic resulting in the streets looking deserted. A landscape view of the deserted looking NYSE on a Wednesday afternoon. The Trinity Church is seen at the background. Most churches are still open for public access. Usually this place gets crowded at this time of the day and week.
Residents of New York City has been requested to stay at home during the Coronavirus pandemic resulting in the streets looking deserted. A landscape view of the deserted looking NYSE on a Wednesday afternoon. The Trinity Church is seen at the background. Most churches are still open for public access. Usually this place gets crowded at this time of the day and week.

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