Stock market live updates: Dow futures drop 500, waiting on jobs data, ECB stimulus, oil rebounds

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Hilton and Marriott shares are poised for another brutal day, with both stocks falling more than 10% in premarket trading after posting double-digit declines on Wednesday. Hotels and other tourism companies are pushing for more than $100 billion in relief from the federal government due to the hit their business has taken from the pandemic. Pershing Square Capital Management CEO Bill Ackman said on Wednesday that every major hotel stock would go to zero without significant government action, but that he is still buying Hilton shares. — Pound

Investors will be closely watching this morning’s jobless claims report, which could provide a first glimpse into the economic damage that the coronavirus is causing. However, the real picture probably won’t emerge until next week. Jobless claims for the week ended March 14 will come at 8:30, with economists surveyed by Dow Jones expecting a reading of 220,000, which would be up only slightly from last week’s 211,000. Companies, however, have just started what is expected to be an aggressive round of layoffs due to the slump in demand that the virus is causing. — Cox

Oil prices bounced back on Thursday, one day after dropping to their lowest level in 18 years. U.S. West Texas Intermediate crude jumped 10% to $22.43, while international benchmark Brent crude gained 4.6%. The relief rally comes one day after WTI fell 24.4% for its third worst day on record. Oil is getting hit on both the supply and demand side. The coronavirus outbreak and subsequent travel slowdown has led to soft demand for crude, while the market is set to be flooded with more oil beginning in April as OPEC+ nations increase their output in a fight for global market share. — Stevens

The European Central Bank on Wednesday announced a new “Pandemic Emergency Purchase Program” that will use 750 billion euros to purchase securities to help support the European economy. “The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock,” the central bank said in a release. “This applies equally to families, firms, banks and governments. The Governing Council will do everything necessary within its mandate.” — Li

Source: https://www.cnbc.com/2020/03/19/stock-market-today-live.html

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