Stocks ticked down ahead of the release of the latest news on job losses stemming from the coronavirus crisis.
Economists expect that three million people newly filed for unemployment benefits for the week ending May 9—a decrease from prior weeks’ figures but still well above norms. More than 33 million people have filed for unemployment over the last two months.
Oil climbed, with the price of West Texas Intermediate crude, or WTI, gaining 3.5% to $26.17 a barrel. Brent was up 3.4% at $30.20 a barrel.
The yield on the 10-year note ticked down slightly to 0.623% following remarks on Wednesday by Federal Reserve Chair Jerome Powell, who warned of ‘significant downside risks” due to the coronavirus pandemic.
U.S. Bancorp (ticker: USB) shares edged down 1.5% in premarket trading following news that Warren Buffett’s Berkshire Hathaway (BRK.A) sold $16.3 million of the bank’s stock earlier this week, putting his stake below 10%.
Norwegian Cruise Line Holdings (NCHL) shares dipped 2.6% premarket after the company reported a wider-than-expected loss in the first quarter. The cruise operator said that it has enough liquidity for 18 months of voyage suspensions and said that it is seeing demand for cruises in the fourth quarter of this year, with accelerating demand in 2021.
Cisco Systems (CSCO) shares popped 2% as its fiscal third-quarter results turned out better than Wall Street analysts expected. Still, the company noted that it saw a slowdown in April due to stay-at-home orders.
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