24/05/2024 2:11 PM

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Dow futures rise, stocks down for the week, oil rebounding

7:38 am: Trump says he may extend coronavirus social distancing guidelines to early summer

President Donald Trump said Thursday that his administration may extend its national social distancing guidelines until early in the summer or later. “We may, and we may go beyond that,”  Trump said at a White House press briefing when asked if the federal guidelines would need to be extended at least until the start of summer. “We’re going to have to see where it is,” Trump said. “I think people are going to know just out of common sense. At some point, we won’t have to do that. But until we feel safe, we’re going to be extending.” The federal guidelines, which were first shared in mid-March and had already been extended once, were set to expire at the end of April. — Breuninger, Macias 

7:30 am: Stock futures rise as oil rebounds

Dow Jones Industrial Average futures rose in premarket trading, pointed to a gain of about 200 points at the opening bell on Friday. The S&P 500 and Nasdaq were also set to open in the green. Helping equities is the rebound in oil, which hit record lows earlier in the week. The commodity, which has seen an evaporation of demand due to the coronavirus, rose about 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} on Friday morning. 

Stocks ended Thursday’s volatile session little changed. The Dow Jones Industrial Average eked out a 0.17{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} gain, while the S&P 500 closed down about 0.05{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. The Nasdaq Composite also fell 0.01{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. However, U.S. equities are pointing to losses for the week after a sell-off earlier in the week due to oil’s dismal rout. The Dow is down 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} since Monday, on pace for its first negative week in three. The 500-stock index is down 2.67{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} this week, heading into Friday’s session. The Nasdaq is down 1.8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} this week. — Fitzgerald 

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