1. Stocks to rise on coronavirus stimulus progress
On Thursday's economic calendar, initial jobless claims are expected to exceed 1 million for the 17th straight week. The Labor Department's 8:30 a.m. ET report is expected to show 1.3 million in new unemployment benefits filings last week, the same as the prior week.
2. Senators, White House reach 'fundamental agreement'
Senate Majority Leader Mitch McConnell, R-Ky., conducts a news conference after the Senate Republican Policy luncheon in Hart Building on Tuesday, July 21, 2020.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
Senate Republicans announced Wednesday evening a "fundamental agreement" with White House negotiators on how to move forward with a new relief bill. The legislation — which Senate Majority Leader Mitch McConnell, R-Ky., wants to keep under $1 trillion — would serve as a starting point in talks with House Democrats, who passed a $3.4 trillion coronavirus relief bill in May.
House Speaker Nancy Pelosi, D-Calif., told CNBC's "Mad Money" that additional financial aid to Americans is needed to support the economy, including an extension of the federal $600 per week boost to state unemployment benefits. Republicans, who have generally wanted to let that jobless program expire at the end of the month, are considering an extension through year-end but at a drastically reduced level of $100 per week.
3. Twitter reports strong user growth; airlines deliver losses
Shares of Twitter jumped 2% in Thursday's premarket trading after the social media network delivered strong user growth in the second quarter. The results come one week after Twitter suffered a serious hack compromising the accounts of major politicians and CEOs.
4. Tesla beats on earnings; Microsoft warns on revenue
Skyrocketing shares of Tesla added another nearly 5% in Thursday's premarket after the electric auto maker booked its fourth straight quarter of profits, which means it can now be considered for inclusion in the S&P 500 index. Second-quarter earnings and revenue beat estimates. On Tesla's post-earnings call, CEO Elon Musk said the company will build its newest gigafactory near Austin, Texas.
Shares of Dow-stock Microsoft fell about 2% in the premarket after the software and cloud giant warned on revenue outlook. In the second quarter, Microsoft issued better-than-expected earnings and revenue, saying the increase in home-based workers boosted its cloud computing business. However, the pandemic slowed sales to small businesses and slowed ad revenue at its LinkedIn unit.
5. Trump blames Covid-19 spikes on racial-injustice protests
U.S. President Donald Trump talks to journalists during a news conference about his administration's response to the ongoing global coronavirus pandemic in the Brady Press Briefing Room at the White House July 22, 2020 in Washington, DC.
Chip Somodevilla | Getty Images
President Donald Trump said Wednesday that racial-injustice protests over the police killing of George Floyd "presumably triggered a broader relaxation" of coronavirus mitigation efforts, a substantial increase in travel, and increased gatherings on the nation's beaches and in packed bars. He also said officials are "monitoring and aggressively acting to control the infection in Texas, Arizona, California, Florida."
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July 23, 2020 at 05:51PM
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5 things to know before the stock market opens Thursday - CNBC
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