Here are five things you must know for Friday, April 10:
1. -- U.S. Stock Markets Are Closed for Good Friday
U.S. stock markets will be closed for Good Friday.
Equities ended the holiday-shortened week higher on Thursday and posted their biggest week of gains since 1974 after the Federal Reserve announced a plan to pump more than $2.3 trillion into the U.S. economy.
The S&P 500 jumped 12% for the week despite 6.6 million people filing for unemployment benefits as companies curtailed operations, restaurants closed and hotels welcomed very few guests during the coronavirus pandemic. One in 10 U.S. workers has lost their jobs in the last three weeks, according to the Associated Press.
The Dow Jones Industrial Average climbed 13% for the week and the Nasdaq posted a weekly gain of 11%.
”The market is solely focused on the number of (coronavirus) cases,” said Quincy Krosby, chief market strategist at Prudential Financial. “The question is when can the restrictions be lifted? That’s what the market is focused on, when does America open up for business again?”
Asian shares traded mixed Friday in a quiet session following the Federal Reserve's plan to provide up to $2.3 trillion in loans to U.S. households, local governments and businesses as the country navigates through the coronavirus pandemic. European markets were closed.
2. -- Coronavirus - The Latest
The number of confirmed global cases of the coronavirus has risen to 1,611,981, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 96,783.
The U.S. has 466,299 cases of the coronavirus, the most in the world, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 16,686, trailing only Italy which has recorded 18,279.
New York, the epicenter of the virus outbreak in the U.S., recorded its lowest increase in hospitalizations since a lockdown of the state was imposed. But the death toll on Wednesday, officials said Thursday, was close to 800 for the second day in a row.
Vice President Mike Pence said major communities must be “at the end” of their outbreaks and developing treatments for Covid-19, the disease caused by the coronavirus, before the country can be reopened.
The Centers for Disease Control and Prevention extended by at least 100 days a "no sail order" that it imposed last month on cruise ships.
President Donald Trump said Thursday that a bailout proposal for the hard-hit U.S. airline industry could be unveiled over the weekend.
"I think it's going to be a very acceptable package. It's a very big package," Trump said at a White House press briefing.
3. -- Boeing Considers Plan to Cut Workforce by 10%
Boeing (BA) is considering a plan to reduce its workforce by about 10%, people familiar with the matter told The Wall Street Journal.
The plan could involve buyouts, early retirements and involuntary layoffs.
The cuts from Boeing's workforce were expected largely to come from the aerospace giant's commercial arm, which has been pressured by the crisis in the global airline industry.
No decision on cuts was imminent, one of the people briefed on the matter told the Journal, and the potential 10% reduction was among scenarios under consideration.
Boeing last week announced voluntary buyout offers for its roughly 160,000 employees.
4. -- Global Oil Agreement Hits Snag
OPEC leaders and Russia agreed Thursday to a two-month crude production cut of 10 million barrels a day following an emergency teleconference urged by President Donald Trump.
The agreement, however, was thrown into doubt after Mexico abruptly exited the talks and refused to agree to the cuts.
The deal "is conditional on the consent of Mexico," OPEC said in a statement released nine hours after the talks concluded.
OPEC doesn’t to meet again Friday, but will instead focus talks on a G-20 gathering scheduled that day, according to a delegate, Bloomberg reported.
The agreement reached Thursday would see Saudi Arabia, the cartel's de-facto leader and the world's second-largest producer, cut 3.3 million barrels a day from its output, which was set to reach 12.3 million. Russia, the world's No. 3 producer, would cut production by 2 million barrels a day.
Oil prices, which had been rising Thursday ahead of the OPEC announcement, abruptly turned lower after details of the pact were made public. West Texas Intermediate crude, the U.S. benchmark, declined 9.3% to settle at $22.76 a barrel.
5. -- Singapore Teachers Told to Stop Using Zoom Video Tools
Singapore has suspended teachers from using video-conferencing tools from Zoom Video Communications (ZM) , its education ministry said on Friday, Reuters reported.
The suspension was ordered following “very serious incidents” that occurred in the first week of home-based learning after the coronavirus forced Singapore to lock down schools.
It's the latest setback for Zoom, which has seen usage surge amid the coronavirus pandemic. Incidences of so-called zoombombing, in which meetings are hijacked by pranksters or others with more nefarious intent, have been widely reported.
Alphabet's (GOOGL) recently banned the use of Zoom on its corporate computers, while U.S. senators were being advised not to use the platform.