Coronavirus Cases Cross 1 Million, Wall Street Awaits Jobs Report - 5 Things You Must Know Friday

Stock futures fall as Wall Street braces for the U.S. jobs report for March and coronavirus infections across the globe surpass 1 million; Tesla delivers its 'best ever' first-quarter performance; American Airlines drastically reduces both domestic and international flights.
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Here are five things you must know for Friday, April 3:

1. -- Stock Futures Lower as Wall Street Preps for Jobs Report

Stock futures were lower Friday as Wall Street braced for the U.S. jobs report for March and coronavirus infections across the globe surpassed 1 million.

U.S. payrolls last month are predicted by economists to have declined for the first time since 2010. Data on jobless claims released Thursday showed that an astonishing 10 million people in the U.S. filed for unemployment benefits over the past two weeks.

Contracts linked to the Dow Jones Industrial Average fell 240 points, S&P 500 futures were down 25 points and Nasdaq futures tumbled 79 points.

Stocks closed solidly higher Thursday as Wall Street posted its first gain in three trading sessions. Energy stocks were the leading gainers as crude oil prices soared after President Donald Trump said he expects Saudi Arabia and Russia to reach an agreement in their bruising price war.

The OPEC+ coalition is expected to hold a virtual meeting on Monday, Bloomberg reported, citing two delegates. But it's not clear who will attend and the United States hasn't indicated it will be joining the meeting.

Oil prices rose early Friday. West Texas Intermediate crude was up 4.7% to $26.51.

2. -- Jobs Report Is Friday's Calendar Highlight

The economic calendar in the U.S. Friday includes the nonfarm payrolls report for March at 8:30 a.m. ET. 

Economists surveyed by FactSet expect the U.S. to have cut 145,000 jobs in March, down from job additions of 273,000 in both January and February. 

The numbers for March, however, aren't expected to show the full extent that the coronavirus shutdown has had on the jobs market. The data were collected in just the first half of the month.

The unemployment rate for March is expected to increase to 3.9% in March from 3.5% in February. The participation rate is expected to decline 2 tenths to 63.2%.

The calendar also includes the PMI Services Index for March at 9:45 a.m. and the ISM Non-Manufacturing Index for March at 10 a.m.

Constellation Brands  (STZ) - Get Report is expected to report earnings Friday.

3. -- Coronavirus - The Latest

The number of confirmed global cases of the coronavirus has risen to 1,016,534, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 53,163.

Infections crossed 1 million just four months after the first cases surfaced in Wuhan, an industrial city in China.

The U.S. has 245,573 cases of the coronavirus, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 6,095.

The Trump administration is expected to recommend that Americans in coronavirus hot spots wear cloth face masks or other types of face coverings when in public.

The new recommendation from the Centers for Disease Control and Prevention would aim to reduce the risk that people who are infected but asymptomatic will spread the virus, according to a draft document reviewed by The Wall Street Journal. The recommendation has yet to be announced by the White House.

Apple  (AAPL) - Get Report said all of its retail stores in the United States would remain closed until at least May because of the coronavirus pandemic.

Deirdre O’Brien, the tech giant's senior vice president of retail and people  told employees in a memo that Apple ,anticipates that “flexible work arrangements will remain in place for all offices, and all retail stores will remain closed, until early May.”

Donald Trump on Thursday invoked the Defense Production Act that directs the Department of Health and Human Services to ensure that General Electric  (GE) - Get Report, Medtronic  (MDT) - Get Report, ResMed  (RMD) - Get Report and others obtain needed supplies to make ventilators.

4. -- Tesla Delivers 'Best Ever First Quarter'

Tesla  (TSLA) - Get Report delivered 88,400 vehicles in the first quarter, a period that the electric vehicle company called its "best ever first quarter performance."

Tesla also said it produced almost 103,000 vehicles during the quarter. 

The stock was rising nearly 13% in premarket trading Friday to $512.84.

Investors had expected Tesla to deliver fewer cars than it originally had targeted because of factory closures and weakening demand for new cars during the coronavirus pandemic.

The company originally guided for 500,000 vehicle deliveries for 2020, and didn't adjust that guidance when it issued the deliveries figures.

5.-- American Airlines Slashes Domestic and International Flights

American Airlines  (AAL) - Get Report said it would cut between 70% and 75% of flights in April and about 80% of flights in May as the coronavirus pandemic drastically reduces travel demand. 

The airline, the largest in the U.S., said it would cut almost 90% of international flights for April and May.

Vasu Raja, American Airlines’ senior vice president of network strategy, told Reuters that domestic demand is expected to remain weak into May as bookings have declined.

The airline, however, said it has no plans to stop flying entirely in the U.S., noting there are medical workers and others who must travel, sometimes for urgent medical reasons. 

American also said it would cancel more than 60% of its total international flights this summer.

“This is going to be a challenging situation for a long time to come,” Raja said in an interview with Bloomberg. “We’re not seeing any bookings come in. It’s not just in May or June that we’ll have an issue, but we’ve missed so many bookings in July and August that it makes more sense to reduce that capacity now and try to save on as many expenses as we can.”