Dow futures up nearly 200, oil’s winning streak, waiting for ADP jobs

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More than 1.2 million people in the U.S. have been infected by the coronavirus as of Wednesday, with the death toll climbing to 71,000, according to data from Johns Hopkins University. Globally, more than 3.65 million cases have been confirmed and over 256,800 people have lost their lives. Some countries are experiencing an increase in infections. Spain’s daily death toll rose to 244 fatalities following three straight days of less than 200 reported deaths per day, the country’s health ministry reported on Wednesday. Meanwhile, Singapore reported another 788 cases of the coronavirus, bringing the country’s total number of infections to 20,198 since the outbreak. –Li

Oil prices moved higher on Wednesday for the sixth straight day of gains as economies around the world reopening counteracted an ongoing supply glut. West Texas Intermediate, the U.S. benchmark, gained 76 cents, or 3.09{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to trade at $25.32 per barrel, while international benchmark Brent crude traded 2.2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} higher at $31.66 per barrel. Energy stocks were higher in premarket trading on the heels of oil’s advance, with the XLE, which tracks the sector, posting a gain of nearly 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Exxon and Chevron were up 1.3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and 1.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, respectively. –Stevens

Shares of CVS gained more than 4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in premarket trading after the company said revenue in the first quarter rose 8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} year-over-year as consumers rushed to stock up on staples amid the coronavirus pandemic. The drugstore chain reported adjusted earnings per share of $1.91 and $66.8 billion in revenue. CVS has stayed open during the pandemic, and in March said it was planning to hire 50,000 people in various roles in an effort to meet demand. –Stevens

ADP data is expected to show the loss of 22 million private payrolls in April, about the same economists expect to see lost in Friday’s government jobs report. The 8:15 a.m. report is a helpful guide for what might be in the important April employment report, also expected to show unemployment at 16.1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. ADP has not always been an accurate reflection of the overall government report but it does give helpful insight into the private sector workforce, including small businesses. —Domm

U.S. stock futures rose on Wednesday, putting Wall Street on pace for its third straight day of gains as traders continue to bet on the economy reopening soon. Dow Jones Industrial Average futures were up 187 points, or 0.8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. S&P 500 and Nasdaq 100 futures both traded 0.7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} higher. Crude prices were also up for a sixth day in a row. President Donald Trump said Tuesday that “there’ll be more death” from the coronavirus, but added  that not reopening businesses would also cost people their lives in other ways. —Imbert

–With reporting by Patti Domm

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