27/05/2024 7:43 PM

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Futures flat, awaiting jobless claims

People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, April 6, 2020.

Nick Oxford | Reuters

This is a live blog. Please check back for updates.

7:42 am: Target sees ‘Cyber Monday’-sized online sales boom

Target has seen a sharp increase in online sales, as shoppers try to limit time inside stores or avoid the trips altogether during the coronavirus pandemic, CEO Brian Cornell said. The trend has worked in the discount retailer’s favor, and it expects to emerge from the coronavirus pandemic having gained market share, Cornell said in a call with reporters. Since its fiscal first quarter began Feb. 2, Target’s same-store sales have risen more than 7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. So far in April, comparable digital sales have increased by more than 275{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} from a year ago.

Despite the strong comparable and digital sales, Target’s stock is down 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in premarket trading.— Repko, Fitzgerald

7:35 am: Another 4.3 million workers expected to have filed unemployment claims

7:30 am: Stock futures flat ahead of weekly jobless claims

Stock futures swung between losses and gains in early morning trade as investors awaited jobless data for further clues on the health of the labor market amid the coronavirus pandemic.

Dow Jones Industrial Average futures implied an opening drop of about 35 points. S&P 500 and Nasdaq futures were little changed. The futures action followed a rebound in stocks in the previous session as oil market stabilized.— Li

—CNBC’s Patti Domm contributed reporting.

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