Stock market live today: Dow drops 100, reopening trades lower, jobless claims disappoint

Stock market live today: Dow drops 100, reopening trades lower, jobless claims disappoint
This is a live blog. Check back for updates.12:55 pm: Stocks making the biggest moves middayMarkets are roughly flat, but announcements regarding deals have driven some stocks higher.Spotify – Shares of the music streaming company jumped more than 10% to a new all-time intraday high following a report from the Wall Street Journal that Spotify has…

This is a live blog. Check back for updates.

12:55 pm: Stocks making the biggest moves midday

Markets are roughly flat, but announcements regarding deals have driven some stocks higher.

Spotify – Shares of the music streaming company jumped more than 10% to a new all-time intraday high following a report from the Wall Street Journal that Spotify has inked an exclusive deal with Kim Kardashian West for a criminal justice podcast. The company also announced a deal with DC Comics. The stock has gained more than 73% this quarter, putting it on track for its best quarter on record.

Dish Network — Shares of Dish gained 5.9% after the company announced that it would close its purchase of Boost Mobile from T-Mobile by July 1. The sale of Boost was part of the process for the merger between T-Mobile and Sprint to gain regulatory approval.

Read more movers here. —Pound

11:46 am: Markets at midday: Stocks off their earlier lows as reopening trade recovers

Around midday, the major averages traded off their session lows as shares of companies benefiting from the economy reopening turned around. The Dow — which fell as much as 271 points — was down just 82 points in midday trading. The S&P 500 traded just 0.1% lower while the Nasdaq Composite was up 0.2%. —Imbert

11:15 am: Citi calls FedEx a reopening play, raises price target on the stock

Citi analyst Christian Wetherbee said he believes sentiment around FedEx “is beginning to warm back up.” The firm raised its price target to $160 from $140. “FedEx should have leverage to re-opening economies around the world given its elevated business to business revenue mix and comps will be particularly easy given the weakness in global trade leading up to the COVID-19 pandemic,” he said. Shares are up 2%. —Bloom

10:26 am: Reopening names turn higher in morning trading

Stocks directly linked to a successful reopening, including airlines and cruise line operators, erased earlier losses and traded higher. United Airlines rose 0.8%, Royal Caribbean jumped nearly 4%. Norwegian Cruise Line also traded up more than 2%. —Li

9:57 am: Biogen falls after patent ruling

9:41 am: NYSE decliners lead advancers nearly 4-1 in early trading

About four stocks traded lower for every advancer at the New York Stock Exchange as Thursday’s session started. Overall, 1,998 NYSE-listed stocks fell while about 540 traded higher. —Imbert

9:34 am: Here are Thursday’s biggest analyst calls of the day: Tesla, Shopify, PayPal & more

  • Jefferies raised its price target on Tesla to $1,200 from $650.
  • RBC raised its price target on Shopify to $1000 from $825.
  • Credit Suisse upgraded Church & Dwight to overweight from neutral.
  • Susquehanna raised its price target on PayPal to $190 from $150.

Pro Subscribers read more here. —Bloom

9:31 am: Markets open: Dow and S&P 500 slide for a second day, airlines under pressure

U.S. stocks kicked off Thursday’s session on a lower note following the release of disappointing unemployment data. The Dow traded 200 points lower, or 0.8%, while the S&P 500 slid 0.6%. The Nasdaq Composite dropped 0.2%. Thursday’s early losses put the Dow and S&P 500 on pace for back-to-back losses. —Imbert

8:38 am: Jobless claims worse than expected at 1.5 million

The Labor Department’s weekly report on jobless numbers showed that first-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. The report, which did mark yet another deceleration in the number of initial claims, also marked the 13th consecutive week with jobless claims north of 1 million as the coronavirus pandemic continues to hamstring economic growth in the U.S.

The elevated claims number came even as all states work to reopen commerce to varying degrees. — Franck, Cox

8:12 am: Dow futures extend losses, down 300 points

Futures extended their losses with about 90 minutes to the opening bell. Dow futures slumped 300 points, suggesting an opening decline of about 1%; S&P 500 futures pointed to an opening loss of 0.8%; while Nasdaq-100 contracts pointed to a more modest slip of 0.3%. — Franck

8:04 am: Chinese health official says Beijing virus outbreak is under control

Wu Zunyou, the chief epidemiologist of China’s Center for Diseases Prevention and Control, said Beijing’s recent spike in coronavirus cases is under control. “The trend will persist for a period of time, but the number of cases will decrease, just like the trend that we saw (in Beijing) in January and February,” he said. Wu’s comments came after a spike of 106 new cases were confirmed over a five-day period. Beijing had previously gone more than 50 days without domestically transmitted Covid-19 cases. — Imbert, Clinch

7:57 am: Jefferies raises Tesla target to $1,200

Jefferies reiterated its buy rating on shares of Tesla and lifted its price target from $650 to $1,200 on Thursday saying there’s “logic in the exuberance.” “At risk of sounding like a broken record, Tesla is still the only legacy-free OEM engaged in a +ve EV sum game,” the firm said. The new target represents a 21% upside from where the stock closed on Wednesday. Shares have more than doubled this year. — Stevens

CNBC PRO subscribers can read more here.

7:50 am: Reopening trades are down in premarket trading

Many of the companies that would benefit most from a quick reopening of the economy saw their equity decline in premarket trading on Thursday. United Airlines dropped by 3%, while American and Delta lost 2.7% and 1.8% respectively. Cruise stocks were down across the board, with Carnival dropping 6.4%. Shares of retailers, hotel chains and casinos also slipped before the bell. — Pound

7:44 am: Another 1.3 million jobless claims expected

The pace of jobless claims filing is expected to continue its decline, though remain at levels the economy has never seen prior to the coronavirus pandemic. Economists surveyed by Dow Jones expect 1.3 million new claims following last week’s total of 1.54 million. Another 1.3 million claims last week would continue the deceleration of weekly filings that peaked at a record 6.9 million in late March. The record prior to the pandemic was 695,000 in September 1982. Most economists are focused on continuing claims, which most recently totaled just shy of 21 million. — Cox

7:38 am: Hertz ticks lower in premarket

Shares of the bankrupt car rental company slipped 8% in premarket trading on Thursday, following Hertz’s announcement Wednesday that it suspended the planned sale of up to $500 million worth of stock. Prior to the announcement, SEC Chairman Jay Clayton told CNBC that the regulator has issues with the company’s plan to sell stock while it pursues bankruptcy protection. Retail investors have been piling into Hertz and other bankrupt names to try to get a piece of the market’s comeback. The issue is that equity investors are behind bondholders and other creditors in a bankruptcy and will likely lose their money. — Fitzgerald

7:30 am: Dow futures down 100 points

Futures contracts tied to the major U.S. stock indexes pointed to a lower open Thursday morning. Dow futures fell 140 points, suggesting an opening decline of about 100 points. S&P 500 futures pointed to a similar, 0.3% decline while Nasdaq-100 futures suggested little change at the open. The S&P 500 and Dow Jones Industrial Average both snapped multiday winning streaks on Wednesday but remain firmly higher for the week, up 2.3% and 2%, respectively. — Franck

CNBC’s Jeff Cox, Pippa Stevens, Fred Imbert and Matt Clinch contributed to this report.

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