Stock market live updates: Stocks little changed, Facebook new highs again, Best Buy drops

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Oil prices moved higher on Thursday, accelerating recent gains as the Street continues to cheer growing demand as more and more producers cut output. West Texas Intermediate, the U.S. benchmark, gained 80 cents, or 2.4%, to trade at $34.33 per barrel, while international benchmark Brent crude rose $1.01 to $36.76 per barrel. Oil is on track for its fourth straight week of gains, although WTI is still roughly 50% below its January high of $65.65. “Oil prices rose on very clear indications that the global supply has been curtailed to a great degree,” Rystad Energy’s Paola Rodriguez Masiu said Thursday. “Many producers have curtailed production and, although painful for them, it really did have an effect on prices,” she added. – Stevens

The May reading for the Philadelphia Fed manufacturing survey index came in at -43.1, a 13-point improvement from April’s record low but still the third straight negative reading. However, as Renaissance Macro pointed out on Twitter, the survey shows that managers expect the dip to be short-lived, with six-month expectations at their highest level in more than two years. — Pound

Tensions between the U.S. and China escalated again recently over issues surrounding the coronavirus pandemic. The Trump administration has been ratcheting up the rhetoric on China. On Wednesday, President Donald Trump blasted China over the handling of the coronavirus in a tweet, saying that it was the “incompetence of China” that caused “this mass Worldwide killing.” Meanwhile, the Senate passed legislation that could ban many Chinese companies including Alibaba and Baidu from listing on U.S. exchanges. The bill would require companies to certify that they are not controlled by a foreign government. – Li

Initial jobless claims rose 2.438 million, compared with the 2.4 million analysts had been expecting. This represents the seventh straight week of a slowing pace following the peak of 6.9 million claims in late March. Additionally, a review brought the number from last week down substantially, from 2.98 million claims to 2.69 million.  – Stevens, Cox

Shares of Best Buy fell 2% in premarket trading after the electronics retailer reported its first quarter results. The company beat Wall Street estimates on the top and bottom lines, but it did not give future guidance. Comparable sales were down 5.3%, even though online sales in the United States increased by 155%. Sales of consumer electronics fell by more than 15%. — Pound

Data compiled by Johns Hopkins University shows global coronavirus cases have topped 5 million. That grim milestone comes as several countries have started to ease lockdown measures. In the U.S. specifically, more than 1.5 million cases have been confirmed. Most of the worldwide new cases come from the Americas, with over 45,000 cases reported Tuesday in the U.S. — Imbert

Another 2.4 million Americans were expected to file claims for unemployment insurance last week, according to economists surveyed by Dow Jones. If accurate, that would bring the rolling nine-week total during the coronavirus pandemic to close to 39 million. The numbers have been steadily declining in recent weeks but still reflect what likely will be the worst unemployment crisis in U.S. history. – Cox

U.S. stock index futures pointed to slight losses at the open on Thursday, as the market awaits jobless claims data at 8:30 am ET. The Dow Jones Industrial Average was set to decline about 75 points at the opening bell, or 0.3%. The S&P 500 was also poised for a 0.3% loss, while the Nasdaq Composite was set to slide 0.2%. The move lower continues stocks’ push-and-pull this week, which saw markets jump on Monday, drop on Tuesday, and rise again on Wednesday. The S&P rose to its highest level since early March during Wednesday’s trading session as investors continue to cheer economies reopening. The benchmark index is now about 12% below its record high from Feb. 19. – Stevens

– CNBC’s Yun Li and Jeff Cox contributed reporting.

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