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Stock market live updates: Dow futures rise, stocks down for the week, oil rebounding

8:26 am: Intel shares fall 5% on low guidance

Shares of Intel sank more than 5% in premarket trading on Friday after giving second quarter guidance below expectations. Intel said it forecasts $1.10 in adjusted earnings per share and $18.50 billion in revenue in the second quarter. Analysts polled by Refinitiv had expected adjusted second-quarter earnings of $1.19 per share on $17.97 billion in revenue.Intel said it would not give guidance for the full year. The company beat on the top and bottom lines of its first quarter earnings. —Fitzgerald 

8:12 am: Commodities don’t have ‘luxury’ to price in a recovery

Amid unprecedented demand loss in the commodities market due to the coronavirus pandemic, Goldman Sachs said that before oil can meaningfully rebound demand will have to recover. “While acknowledging that a balanced market is in eyesight, more forward-looking assets like equities can look past the next several weeks and begin to price a recovery; however, commodities simply do not have that luxury,” Goldman’s global head of commodities research Jeffrey Currie said in a note to clients Friday. He said that while the rebalancing period for oil has begun, it will take 4-8 weeks to resolve before “we can comfortably argue a bottom has been carved out.” – Stevens

8:00 am: Tyson downgraded on worries about planet closures

Shares of Tyson Foods fell more than 1% in premarket trading on Friday following a downgrade to market-perform from outperform from AB Bernstein. The Wall Street firm said it has near-term uncertainty around Tyson’s ability to maintain production levels with closed production plants and absent workers. “There could be further downside as it is difficult to contain the spread of the virus in highly labor-intensive meat plants,” AB Bernstein analyst Alexia Howard told clients. Tyson closed its two largest pork plants in Iowa and Indianan this week after employees tested positive for the COVID-19. “While we continue to expect African Swine Fever-led upside over the medium term, we believe that it is prudent to downgrade the stock in the interim,” Howard added. — Fitzgerald 

7:51 am: Verizon shares rise after earnings top expectations

Shares of the telecommunications company jumped nearly 1% in premarket trading after posting a quarterly profit that topped Wall Street’s estimates. Verizon reported earnings of $1.26 per share, 3 cents higher than expected, according to Refinitiv. Revenue came in short of expectations. Verizon slashed its full year earnings outlook to a range of -2% to 2% growth, compared to the 2% to 4% range they previously released. —Fitzgerald 

7:50 am: Oil extends three-day rally, rises 3%

Oil rose again on Friday, extending recent strength that’s seen it rally more than 40% in the last two days, as traders hope that depressed prices will force additional production cuts. West Texas Intermediate, the U.S. benchmark, rose 2.6%, or 44 cents, to trade at $16.94, while international benchmark Brent crude was 3.1% higher at $21.99. WTI gained 19% in each of the last two sessions as prices rebounded from historic lows. But despite these gains, the contract is still set to post its eighth week of losses in nine. The coronavirus pandemic has led to unprecedented demand loss, and with storage around the world rapidly filling, traders are worried that there might soon be nowhere for oil to go. – Stevens

7:44 am: House passes $484 billion bill to boost small businesses and hospitals, sends it to Trump

The House passed a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life. The bill is now being sent to President Donald Trump to be signed into law. Donning face coverings and voting in alphabetical sets to cut the risk of infection, representatives approved the bill easily by a 388-5-1 vote. The law would add more funds to the Paycheck Protection Program, add to the Small Business Administration’s disaster loans and grants, give grants to hospitals and bolster coronavirus testing, a core piece of any plan to restart the U.S. economy. —Pramuk, Fitzgerald 

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% on Friday morning. 

Stocks ended Thursday’s volatile session little changed. The Dow Jones Industrial Average eked out a 0.17% gain, while the S&P 500 closed down about 0.05%. The Nasdaq Composite also fell 0.01%. 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% since Monday, on pace for its first negative week in three. The 500-stock index is down 2.67% this week, heading into Friday’s session. The Nasdaq is down 1.8% this week. — Fitzgerald 

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