Stock market live updates: Futures fall, stimulus bill to House, 4 million jobless claims?

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7:28 am: Jobless claims could be record-breaking

Economists are forecasting between 1 million and 4 million claims were filed last week as businesses around the country are forced to at least partially shut down due to the coronavirus outbreak. A number along that range would be unprecedented, particularly in such a short period of time. However, the numbers could be far worse. California Gov. Gavin Newsom said Wednesday afternoon the state alone has seen 1 million unemployment claims since March 13. —Imbert

7:05 am: Stock futures lower, awaiting jobless claims

Stock futures pointed to losses at the open as investors braced for what could be a record-breaking number of Americans filing for unemployment. The Dow Jones Industrial Average futures indicated an opening drop of more than 100 points at Thursday’s open. S&P 500 futures and Nasdaq-100 futures pointed to opening losses of about 1%.

The jobless claims data will be released at 8:30 a.m. ET. The official consensus estimate from Dow Jones is calling for 1.5 million claims but Citigroup believes it may be as high as 4 million. Either way, it is likely to be a record.

On Wednesday, the Dow climbed nearly 500 points on hopes of a coronavirus stimulus bill from congress, which was passed by the Senate late on Wednesday and will now head to the House of Representatives. The S&P 500 also registered a gain, climbing 1.1%. The Nasdaq Composite was the relative underperformer, dipping 0.5%, as the so-call FAANG stocks closed in the red. – Fitzgerald 

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