Stock market live Friday: Dow gains 260, posts down week, Boeing falls 6%

U.S. equities made up some of their steep losses since Monday on the week's final day of trading, but still notched week-to-date losses by the closing bell. Oil continued to rebound following its historic plunge earlier in the week, which supported stocks on Friday. Investors digested more company earnings, which showed the economic ramifications of the coronavirus shutdown. Here's what happened:

• Nasdaq closed up 1.65% for its 2nd positive day in 3
• This week: Nasdaq closed down -0.18% for the week, its first negative week in 3
• This year: Nasdaq is down -3.77% year to date, on pace for its worst year since 2008 when the Nasdaq lost -40.54%
• S&P 500 closed up 1.39% for its 2nd positive day in 3. S&P closed above its 50-day moving average level of 2,807.66 for the first time in a week, back to April 17
• This week: S&P closed down -1.32% for the week, its first negative week in 3
• This year: S&P is down -12.20% year to date, on pace for its worst year since 2008 when the S&P lost -38.49%
• From record: S&P is 16.41% below its intraday all-time high of 3,393.52 from Feb. 19
• Dow closed up 1.11% for its 3rd straight positive day
• This week: Dow closed down -1.93% for the week, its first negative week in 3
• This year: Dow is down -16.69% year to date, on pace for its worst year since 2008 when the Dow lost -33.64%
• From record: Dow is 19.59% below its intraday all-time high of 29,568.57 from Feb. 12
• 10 out of 11 sectors were negative for the week, led by Real Estate down -4.35%
• The only positive sector for the week was Energy up 1.67%
• Oil: The June contract for the WTI settled up 2.67% at 16.94 for its 3rd straight positive day
• This week: WTI closed down -7.28% for its 3rd straight negative week and its 8th negative week in 9
• The June contract for Brent crude settled up 0.52% at 21.44 for its 3rd straight positive day — Francolla

The Dow finished Friday up 260 points (1.1%), but the session's gains weren't enough to prevent weekly losses north of 1% for the blue-chip index and the S&P 500. A historic rout in oil prices on Monday and Tuesday hamstrung equities for the remainder of the week, with West Texas futures prices down more than 30% over the last week. Home Depot (up 4.87%) and Apple (up 2.89%) led the Dow higher on Friday. The tech sector led the S&P 500 higher with a 2.1% gain while energy underperformed with a more modest 0.2% climb. — Franck

If two-thirds of states stay shut down until early summer, second-quarter GDP could contract by more than 34.8%, close to what many economists now expect. But if the whole economy was shut down until then, or for about 90 days altogether, GDP would take a bigger hit. In that case, second-quarter GDP would contract by 63.2% and 2020 GDP would be down 9.4%.

Wilmington Trust chief economist Luke Tilley created the following chart to show the wide range of outcomes based on how much of the economy reopens and over varying time periods. For instance, if shutdowns continue for 180 days, but only a third of the U.S. economy is impacted, second-quarter GDP would contract by 21%. — Domm

Companies looking to build cash piles to weather the economic downturn, or just hoping to lock in some low rates, have been rushing to issue debt at a record pace. Goldman Sachs says the activity is expected to continue and investment-grade issuance could hit $1.5 trillion in 2020, up from its previous forecast of $1.25 trillion. That would surpass the current record issuance of $1.45 trillion in 2017.

New monthly issuance set a record of $263 billion in March, after the Fed announced its primary and secondary market facilities March 23. Goldman Sachs said this year should be a record even with a slowdown in mergers financing and fewer financings for stock buybacks or dividends. — Domm

The Dow, S&P 500 and Nasdaq Composite were headed for their first weekly decline in three weeks even after a solid move higher on Friday. With roughly one hour left in the session, the Dow was up 191 points, or 0.8%. The S&P 500 traded 1.1% higher while the Nasdaq was up 1.2%. Much of the week's market action was driven on Monday and Tuesday by oil prices, which plummeted to historic lows as the coronavirus outbreak dented demand expectations. — Imbert

Oil rose on Friday, extending a three-day rally that saw prices jump nearly 50%. But strength later in the week wasn't able to make up for steep losses on Monday and Tuesday, and West Texas Intermediate, the U.S. benchmark, posted its eighth week of losses in nine. On Friday the contract gained 44 cents, or 2.67%, to settle at $16.94. The move ends a historic week for oil, which saw WTI dip into negative territory for the first time ever on Monday. – Stevens

Shares of Zoom erased early gains of 5% and turned negative after Facebook announced a slew of new video-calling features allowing users to host video calls of up to 50 people. The new features pose an immediate threat to Zoom which has seen a surge in users in recent months as coronavirus lockdowns forced people to work from home. Zoom's stock got a boost earlier Friday after Nasdaq announced the video conferencing company is joining the Nasdaq 100 next week.-- Li

Preliminary results from a U.S. government trial of Gilead Sciences' antiviral drug remdesivir for coronavirus treatment could come out as early as mid-May, Reuters reported, citing the study's lead investigator. The drug grabbed attention for its potential to improve patients' condition, but hopes were somewhat dampened by a report Thursday saying the drug flopped in a Chinese trial. -- Li 

Shares of Boeing dropped more than 5% after two negative reports on the plane maker. The Wall Street Journal reported Friday the coronavirus forced Boeing to delay the return of 737 Max until at least late summer or early fall. Meanwhile, Bloomberg News reported Boeing is planning to cut 787 Dreamliner production in half and announce job cuts when it reports first-quarter earnings. Boeing is due to report first-quarter results on April 29. -- Li

Instinet's Frank Cappelleri pointed out in a note that the technical picture for the S&P 500 remains mixed even after the average's massive surge from its late-March lows. "The market remains at a critical juncture," Cappelleri said, noting the S&P 500 continues to close below its 50-day moving average. "While moving averages don't always work well as resistance (or support), we need to pay attention when they do. It's proven to be one of those times now." Cappelleri added the broad index has yet to make a run at the 38.2% retracement level from the decline that started after the S&P 500 reached a record. "Any rally that can't AT LEAST tag that line is just a counter-trend move with a bigger downtrend," Cappelleri wrote. —Imbert

UBS economist Brian Rose said in a note that Wall Street is not fully out of the woods even after a massive rally from lows reached late March. "Equity markets have already risen by enough to possibly call this a new bull market, but it will be difficult to sustain the rally unless the economy enters a recovery," Rose said. —Imbert, Bloom

It's clear that Americans have slowed their spending drastically as many industries essentially grind to a halt amid the coronavirus pandemic and job losses mount. But the head of credit card company Discover Financial Services offered an inside glimpse at just how grim the picture is right now. During an earnings conference call on Thursday, Discover CEO Roger Hochschild broke down cardholders' spending patterns this month in different categories amid the coronavirus crisis. "So far in April, everyday sales are down 14% year-over-year," Hochschild said. "Discretionary spend is down 33%, driven by the travel category, which, although only 8% of cardholder spending, is down 99%, and by retail, which is down 11%." —Li

Analysis of satellite data by firms like Ursa Space, Kayrros and Orbital Insight shows why U.S. oil producers have to further cut their production or be forced to curb it because they are out of places to store it. Analysts say that while storage capacity is filling up, it's not near its limit yet. But recent cuts in production are just "a fraction of the decline in demand," Ursa Space Systems analyst Geoffrey Craig told CNBC, so "the next catalyst will be inventories hitting capacity limits." — Sheetz

President Donald Trump signed a $484 billion coronavirus relief package into law Friday as Washington plans the next steps in its unprecedented attempt to rescue an economy and health care system bludgeoned by the pandemic. The bill puts $370 billion into aid for small businesses trying to keep employees on payroll as they shutter to slow Covid-19′s spread. It grants $75 billion to hospitals struggling to cover costs during the crisis, and $25 billion for efforts to test for the disease. —Pramuk 

Around midday, the major averages hovered around the flat line as investors wrapped up a volatile week amid historic oil moves. The Dow was down 26 points, or 0.1%. The S&P 500 traded 0.1% higher while the Nasdaq advanced 0.2%. Stocks were up sharply earlier in the day, with the Dow gaining 200 to start off the session. —Imbert

The Small Business Administration said Friday that hedge funds and private equity firms are ineligible for the small business relief program. The move comes after reports that hedge funds had applied for the first round of the Paycheck Protection Program. That fed into a public backlash after the program's initial $350 billion was quickly exhausted and it was revealed that big public companies, rich universities and large restaurant chains had tapped the PPP.  "Hedge funds and private equity firms are primarily engaged in investment or speculation, and such businesses are therefore ineligible to receive a PPP loan,"  the SBA said in an update posted online. — Son, Rogers 

Shares of Beyond Meat jumped 10% Friday, bringing its weekly rally to 43%, on pace for its best week ever back to its IPO on May 2, 2019. The stock is set for its 14th positive day in 15. The plant-based meat company said earlier in the week it will start selling its products in Starbucks stores in China.—Li, Francolla

Zoom shares rose 5% Friday morning after the Nasdaq announced the video conferencing company is joining the Nasdaq 100 next week and two days after it reported a surge in active users. When it joins the Nasdaq 100 on April 30, Zoom will also enter the Invesco QQQ Trust, the second-most highly traded ETF in the U.S. Zoom will replace Willis Towers Watson in the index, Nasdaq said. Zoom has been on a tear since stay-at-home mandates were implemented to slow the Covid-19 pandemic. Zoom CEO Eric Yuan announced earlier this week that the company's number of daily users grew 50% in the past month to 300 million from 200 million. The company reported about 10 million daily users in December.  "Clearly the Zoom platform is providing an incredibly valuable service to our global users during this challenging time," Yuan said. — Bursztynsky

The Federal Reserve's programs aimed at keeping financial markets running smoothly have injected about $86 billion so far into the system. In a monthly accounting the Fed provided Friday, the Money Market Liquidity Facility has loaned out $51.1 billion, the Primary Dealer Credit Facility has put out $34.5 billion, while the Commercial Paper Funding Facility has loaned $249.2 million. The programs are aimed at troubled parts of the market, providing short-term liquidity for money market mutual funds, large financial institutions that serve as dealers in government bonds, and the commercial paper vehicles that provide unsecured funding that businesses use for operations. The Fed also has launched a host of other facilities aimed at households, small businesses and state and local governments. – Cox

Data compiled by S&P Global Market Intelligence shows 173 companies withdrew their previous guidance in the first quarter amid growing uncertainty due to the coronavirus. "This leaves decision-makers looking for alternative forward-looking information on a company's prospects," analyst Eric Oak said in a note. He pointed out metrics such as shipping data can "provide a near real-time view into a firm's activities." –Imbert

U.S. oil went negative in mid-morning trading on Friday, weighing on equities. West Texas Intermediate crude pared its gains after being up more than 5% earlier in the day. The Dow Jones Industrial Average fell about 50 points, brought down by a 5% drop in Boeing and a 2% fall in Intel. The S&P 500 was also negative while the Nasdaq stayed in the green. —Fitzgerald 

Exxon said Friday that it has modified its Louisiana manufacturing operations so that it will be able to produce medical-grade hand sanitizer. The oil giant said it was targeting production of 160,000 gallons, which equates to nearly 5 million bottles. Exxon said the sanitizer would be used for coronavirus response efforts in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas. – Stevens 

AT&T CEO Randall Stephenson announced during a shareholders meeting that he would step down on July 1. Chief operating officer John Stanker will ascend to the top job. Stephenson's retirement was not unexpected, but he previously said he planned to stay on through at least the end of 2020. Stephenson will stay on as executive chairman until January. Shares of the telecom giant were trading 0.6% higher on Friday morning. — Pound, Feiner

Sports-betting operator DraftKings began trading on Friday under the ticker DKNG, after merging with a blank check company Diamond Eagle Acquisition. Shares gained 14% to around $20 a piece in Friday's morning trading. The public debut came even as the sports-betting industry is upended after most sporting events were canceled due to the coronavirus pandemic. Don Bilson, head of events-driven research at Gordon Haskett, called the stock "a way to play sports gambling without the casino risk." – Li 

U.S. consumer sentiment fell for a third straight month as people weigh the coronavirus pandemic and the possibility of an economic re-opening, data released Friday by the University of Michigan showed. The consumer sentiment index fell to 71.8 in April from 89.1 in March. Economists polled by Dow Jones expected a print of 67. That decline comes after a sharp drop in current economic conditions. —Imbert

• Stifel upgraded eBay to buy from hold.
• Bernstein downgraded Tyson Foods to market perform from market outperform.
• JMP upgraded Expedia to market outperform from market perform.
• Piper Sandler downgraded Hershey to neutral from overweight.
• Wedbush downgraded Dunkin' Brands to neutral from outperform.
• Raymond James downgraded The Travelers Companies to underperform from market perform. —Bloom 

Shortly after the opening bell, stocks' rally lost steam. The Dow Jones Industrial Average was up about 20 points. The S&P 500 and Nasdaq went negative. —Fitzgerald 

U.S. equities opened Friday in the green, with a gain of 180 points for the Dow Jones Industrial Average. The S&P 500 rose 0.68% and the Nasdaq Composite rose 0.44%. Stocks were helped by a rebound in oil prices after their unprecedented sell-off. — Fitzgerald 

As the economy shut down, businesses diverted spending to technology, while cutting back more broadly on other outlays including their payments to suppliers, according to data tracking business-to-business spending. Even before the state shutdowns took effect in the second half of March, companies had boosted spending on technology. Overall spending slipped 2%, but IT spending doubled in March, after rising by 75% in February, compared to the year earlier, according to data from Cortera. Spending for everything from laptops to software, IT services and cabling was up 100% in March, presumably as companies shifted work from offices to homes and moved more of their own businesses. —Domm 

The S&P 500 is down 2.5% this week, gone nowhere for the past two weeks. Bears are arguing the current economic climate is not enough to justify the S&P 500 at the 2,800 level and that the economy is signalling a much bigger slowdown than stocks are pricing in. There is big execution risk around reopening and a secondary wave of infections. —Pisani 

Bespoke Investment Group warned about the last trading day of the week: Friday, which has proved to be the worst trading session of the week, according to data from this year.  "For all of 2020, though, Fridays have been the worst day for the market with a median decline of 0.82% and gains barely even 25% of the time," the firm said. Stocks are pointing to gains at the open, but are down for the week. —Fitzgerald 

Shares of People's United Financial soared nearly 11% in premarket trading on Friday after the bank holding company reported better-than-expected quarterly results. People's United earned 33 cents per share in the first quarter, above analysts' estimate of 24 cents per share, according to FactSet. The company also reported an operating income of $141 million, a 15% increase from last year. Still, the stock has fallen more than 30% this year amid the coronavirus pandemic. –Li

CNBC's Jim Cramer laid out two buckets of stocks investors can play through the coronavirus pandemic. The first basket of equities that Cramer suggests picking among includes firms that are "big enough and deep pocketed enough" to weather the economic impact, including IBM and Union Pacific. In the second bucket are companies that have been able to adapt, maintain business and benefit from the coronavirus pandemic and efforts to slow the spread of the deadly disease, Cramer said. "If you want to invest right now, you have to own some stocks from the second bucket — the Covid winners — and whenever the market gets slammed, you can buy members of the first bucket, the big businesses with deep pockets," he said. The second bucket includes Amazon, Walmart, Costco and Target. —Tyler Clifford, Li

Neuberger Berman senior portfolio manager Steve Eisman said on "Fast Money" Thursday night that the large U.S. banks are "the best cyclical play out there." Eisman, whose bets against the housing market were detailed in the book "The Big Short," said that he has short positions against Canadian banks. Eisman also said that he was short against Trex, a company in the housing industry that makes decking and outdoor items. — Pound, Imbert 

Moffett Nathanson said the production and distribution of media content will be permanently changed by the coronavirus crisis, and Disney is the only company that is capable of adapting.  "We believe Disney is the only company with a big enough lifeboat and the organizational will to come out of these secular changes in a strong position," the firm said in a note to clients. As customer behavior permanently shifts to streaming models, Netflix Amazon and Disney will emerge with the lion's share of scripted content. Moffett Nathanson has a buy rating on Disney and $120 per share price target. The firm said Fox's focus on live news and sports remains the right strategy. — Fitzgerald 

Shares of Intel sank more than 5% in premarket trading on Friday after giving second quarter guidance below expectations. Intel said it forecasts $1.10 in adjusted earnings per share and $18.50 billion in revenue in the second quarter. Analysts polled by Refinitiv had expected adjusted second-quarter earnings of $1.19 per share on $17.97 billion in revenue.Intel said it would not give guidance for the full year. The company beat on the top and bottom lines of its first quarter earnings. —Fitzgerald 

Amid unprecedented demand loss in the commodities market due to the coronavirus pandemic, Goldman Sachs said that before oil can meaningfully rebound demand will have to recover. "While acknowledging that a balanced market is in eyesight, more forward-looking assets like equities can look past the next several weeks and begin to price a recovery; however, commodities simply do not have that luxury," Goldman's global head of commodities research Jeffrey Currie said in a note to clients Friday. He said that while the rebalancing period for oil has begun, it will take 4-8 weeks to resolve before "we can comfortably argue a bottom has been carved out." – Stevens

Shares of Tyson Foods fell more than 1% in premarket trading on Friday following a downgrade to market-perform from outperform from AB Bernstein. The Wall Street firm said it has near-term uncertainty around Tyson's ability to maintain production levels with closed production plants and absent workers. "There could be further downside as it is difficult to contain the spread of the virus in highly labor-intensive meat plants," AB Bernstein analyst Alexia Howard told clients. Tyson closed its two largest pork plants in Iowa and Indianan this week after employees tested positive for the COVID-19. "While we continue to expect African Swine Fever-led upside over the medium term, we believe that it is prudent to downgrade the stock in the interim," Howard added. — Fitzgerald 

Shares of the telecommunications company jumped nearly 1% in premarket trading after posting a quarterly profit that topped Wall Street's estimates. Verizon reported earnings of $1.26 per share, 3 cents higher than expected, according to Refinitiv. Revenue came in short of expectations. Verizon slashed its full year earnings outlook to a range of -2% to 2% growth, compared to the 2% to 4% range they previously released. —Fitzgerald 

Oil rose again on Friday, extending recent strength that's seen it rally more than 40% in the last two days, as traders hope that depressed prices will force additional production cuts. West Texas Intermediate, the U.S. benchmark, rose 2.6%, or 44 cents, to trade at $16.94, while international benchmark Brent crude was 3.1% higher at $21.99. WTI gained 19% in each of the last two sessions as prices rebounded from historic lows. But despite these gains, the contract is still set to post its eighth week of losses in nine. The coronavirus pandemic has led to unprecedented demand loss, and with storage around the world rapidly filling, traders are worried that there might soon be nowhere for oil to go. – Stevens

The House passed a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life. The bill is now being sent to President Donald Trump to be signed into law. Donning face coverings and voting in alphabetical sets to cut the risk of infection, representatives approved the bill easily by a 388-5-1 vote. The law would add more funds to the Paycheck Protection Program, add to the Small Business Administration's disaster loans and grants, give grants to hospitals and bolster coronavirus testing, a core piece of any plan to restart the U.S. economy. —Pramuk, Fitzgerald 

President Donald Trump said Thursday that his administration may extend its national social distancing guidelines until early in the summer or later. "We may, and we may go beyond that,"  Trump said at a White House press briefing when asked if the federal guidelines would need to be extended at least until the start of summer. "We're going to have to see where it is," Trump said. "I think people are going to know just out of common sense. At some point, we won't have to do that. But until we feel safe, we're going to be extending." The federal guidelines, which were first shared in mid-March and had already been extended once, were set to expire at the end of April. — Breuninger, Macias 

Dow Jones Industrial Average futures rose in premarket trading, pointed to a gain of about 200 points at the opening bell on Friday. The S&P 500 and Nasdaq were also set to open in the green. Helping equities is the rebound in oil, which hit record lows earlier in the week. The commodity, which has seen an evaporation of demand due to the coronavirus, rose about 5% on Friday morning. 

Stocks ended Thursday's volatile session little changed. The Dow Jones Industrial Average eked out a 0.17% gain, while the S&P 500 closed down about 0.05%. The Nasdaq Composite also fell 0.01%. However, U.S. equities are pointing to losses for the week after a sell-off earlier in the week due to oil's dismal rout. The Dow is down 3% since Monday, on pace for its first negative week in three. The 500-stock index is down 2.67% this week, heading into Friday's session. The Nasdaq is down 1.8% this week. — Fitzgerald 

— CNBC's Jesse Pound, Fred Imbert, Patti Domm, Michael Sheetz, Thomas Franck and Michael Bloom contributed reporting.

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