Stock futures are down this morning with a huge decline in jobs for the month of March, but that number was muted by the historical rally in the crude market. According to the U.S. government, March unemployment was 4.4% with payrolls falling over 700,000 making it the worst report since 2009. These numbers are not telling you the whole story of the devastation from the coronavirus as jobless claims increased by 6.6 million last week, which is a record according to the Labor Department.
Keeping the stock market from further collapsing was crude oil’s rally on Thursday. West Texas intermediate increased by 24% making it the best day in history. Despite the record gain, crude remains over 50% lower on the year. The rise in crude was attributed to President Trump’s claim that oil production would be facing major cuts and Saudi Arabia called for an emergency meeting of OPEC and other producers.
Support today is 246000 and again below at 239000 while support is showing 256000 and 259000.