Unemployment, Delta, Slack, ZoomInfo - 5 Things You Must Know Thursday

Wall Street awaits U.S. unemployment data; Slack and Broadcom report earnings; Delta extends social distancing measures; ZoomInfo's IPO is priced.
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Here are five things you must know for Thursday, June 4:

1. -- Stock Futures Fall as Rally Pauses 

Stock futures fell modestly Thursday as investors awaited U.S. unemployment data and the European Central Bank boosted its coronavirus bond buying program by a larger-than-expected €600 billion.

Contracts linked to the Dow Jones Industrial Average declined 42 points, futures for the S&P 500 were down 10 points and Nasdaq futures fell 11 points.

Wall Street paused Thursday following the previous session that saw the Nasdaq trade just 2% off its all-time high and the S&P 500 jump 1.36% for its fourth straight gain on hopes for a quick economic recovery from the coronavirus shutdown and after private-sector job losses in the U.S. were less than expected.

The Dow rose 527 points, or 2.05%, to close at 26,269 on Wednesday.

“The not too bad news keeps coming, enabling the hopes for economic rebound alongside the reopening,” said Jingyi Pan of IG.

European stocks Thursday traded higher after the ECB expanded its monetary stimulus plan.

2. -- Jobless Claims Expected Below 2 Million

The economic calendar Thursday includes weekly Jobless Claims at 8:30 a.m. ET. Economists expect 1.79 million Americans to have filed for first-time unemployment benefits in the week ended May 30 vs. 2.123 million in the week prior. 

Nearly 41 million Americans have filed jobless claims since the country went into coronavirus lockdown in mid-March.

The calendar also includes International Trade for April at 8:30 a.m. and Productivity and Costs for the first quarter at 8:30 a.m.

3. -- Slack and Broadcom Report Earnings

Earnings reports are expected Thursday from Broadcom  (AVGO) - Get Report, Slack  (WORK) - Get Report, DocuSign  (DOCU) - Get Report, Ciena  (CIEN) - Get Report, Gap  (GPS) - Get Report, J.M. Sucker  (SJM) - Get Report and MongoDB  (MDB) - Get Report.

Broadcom is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

4. -- Delta Extends Social Distancing Measures

Delta Air Lines  (DAL) - Get Report will extend social distancing measures through Sept. 30, by blocking all middle seats on its planes and capping seating in cabins.

Delta previously had guaranteed middle seats would remain empty through June 30, with the hope that the plans would convince passengers to begin flying again as demand vanished during the coronavirus pandemic. 

“Reducing the overall number of customers on every aircraft across the fleet is one of the most important steps we can take to ensure a safe experience for our customers and people,” said Delta's chief customer experience officer, Bill Lentsch.

Delta will cap seating at 50% in first class, 60% in other cabins and 75% in its exclusive Delta One cabins, Reuters noted.

Air carriers have resumed some flights as demand has begun. Nearly 268,000 travelers passed through U.S. security checkpoints Tuesday, Bloomberg reported, compared with 2.25 million on the same day a year earlier.

5. -- ZoomInfo's IPO Priced at $21 a Share

ZoomInfo's initial public offering of 44.5 million shares was priced at $21 each and shares are expected to begin trading Thursday on the Nasdaq.

ZoomInfo, the business-to-business market-information company, earlier this week raised the price range for the IPO to $19 to $20 from a range of $16 to $18 a share.

The company will raise about $935 million in the offering.

The stock will trade under symbol "ZI."