What to watch today: Dow looks to log a 3-day winning streak

Dow futures trimmed earlier gains as U.S. oil prices turned lower after a five-session winning streak on an uptick in coronavirus-depressed demand from more and more states taking steps to reopen their economies. Earnings and ADP's April private-sector jobs report could determine whether Wall Street logs its third straight day of gains. (CNBC)

U.S. companies shed over 20.2 million jobs in April, according to the ADP's monthly private sector employment report. The Labor Department's April employment report is out on Friday morning. The unemployment rate is expected to soar from 4.4% to over 16.1% in April, the highest level since 1939, according to Dow Jones. (CNBC)

* Fed's James Bullard says the jobs report on Friday will be one of the worst ever (CNBC)
* Fed Vice Chair Clarida says more support may be needed, but economy should rebound next quarter (CNBC)
* Treasury launches 20-year bond to help fund the record borrowing needed this quarter (CNBC)

General Motors shares were jumping in Wednesday's premarket after the automaker said before-the-bell that it made $294 million in the first quarter despite coronavirus factory closures. Revenue slipped 6.2% to $32.7 billion but exceeded estimates. GM burned through $903 million during the quarter. The company is targeting May 18 to restart the majority of U.S. production under extensive safety measures.

* CVS Health revenue rose 8% as customers rushed to buy essentials (CNBC)
* Wendy's shares jump as company reports US same-store sales picking up (CNBC)

Shares of Disney were under pressure after the media and theme park giant issued lower-than-expected fiscal second-quarter earnings of 60 cents per share. While revenue of $18 billion exceeded forecasts, Disney said after the bell Tuesday the pandemic fallout would continue in all aspects of its entertainment businesses for the foreseeable future. The company is suspending its dividend payout for the first half of the fiscal year. (CNBC)

U.S. airlines are collectively burning more than $10 billion in cash a month and averaging fewer than two dozen passengers per domestic flight during the coronavirus pandemic, according to prepared testimony from industry trade group Airlines for America for a hearing Wednesday before the Senate Commerce Committee. (CNBC)

President Donald Trump, in a reversal, tweeted Wednesday that the White House coronavirus task force, headed by Vice President Mike Pence, will keep working "indefinitely," with a focus on vaccines and reopening the economy. (CNBC)

In a rare network interview, Trump acknowledged that reopening parts of the nation's economy now, against the advice of many health experts, would inevitably cost some Americans their lives. Trump on Tuesday visited a Honeywell factory in Phoenix, which is producing millions of N95 masks for the federal government. He did not wear a mask at the plant.

As of Wednesday morning, there were 71,078 deaths in the U.S., with total cases of more than 1.2 million. Globally, cases were approaching 3.7 million. Worldwide deaths were 257, 906. Researchers at the Los Alamos National Laboratory said the coronavirus that emerged in Wuhan, China, over four months ago has mutated. The new, dominant strain spreading across the U.S. appears to be even more contagious, they added.

* Millions of people are expected to fall ill with tuberculosis due to coronavirus lockdown (CNBC)

Concerns about the coronavirus are falling in key 2020 swing states, as Democrats have more serious worries about it than Republicans, according to a CNBC/Change Research poll. A much larger share of Republicans than Democrats in the battleground states think the coronavirus situation is getting better, the survey found.

Papa John's (PZZA) earned 15 cents per share in its most recent quarter, below the consensus estimate of 39 cents a share. Revenue missed forecasts as well. The company said the pandemic first began to impact sales in late January, when stores in China and South Korea were closed. Papa John's also withdrew its 2020 guidance.

Beyond Meat (BYND) earned 3 cents per share for its latest quarter, compared to estimates of a 7 cents per share loss. The plant-based burger maker also saw revenue beat estimates, with sales to supermarkets helping offset weaker restaurant sales.

Cheesecake Factory (CAKE) reported a quarterly profit of 4 cents per share, compared to expectations of a 38 cents per share loss. The restaurant chain's revenue came in above forecasts, although comparable-restaurant sales tumbled 12.9% during the quarter.

Planet Fitness (PLNT) missed estimates by 18 cents a share, with quarterly earnings of 16 cents per share. The fitness center operator's revenue was well below estimates as well. The company said it believed the Covid-19 pandemic will eventually result in a more favorable real estate environment for its system.

Nordstrom (JWN) will permanently close 16 locations that have been shut down since mid-March due to the coronavirus outbreak. It plans to reopen its other stores in phases, and is also implementing a cost-saving restructuring.

New York Times (NYT) came in 7 cents a share ahead of estimates, with quarterly earnings of 17 cents per share. Revenue also beat estimates, however the company said it expected ad revenue to fall 50% to 55% during the current quarter.

Waste Management (WM) beat estimates by 3 cents a share, with quarterly earnings of 93 cents per share. Revenue for the first quarter came in above estimates as well. The company said it remained committed to its dividend, but has suspended share repurchases for the foreseeable future.

Mattel (MAT) lost 56 cents per share for its latest quarter, wider than projections of a 41 cents per share loss. The toy maker's revenue also fell below estimates, and it predicted a sharp drop in current-quarter sales due to the coronavirus lockdowns. Mattel also withdrew its previous 2020 guidance.

Shopify (SHOP) earned an adjusted 19 cents per share for its latest quarter, compared to analysts' estimates of a 19 cents a share loss. Revenue also topped expectations as the pandemic prompted more merchants to move business online.

Pinterest (PINS) reported a quarterly loss of 10 cents per share, 1 cent wider than analysts had been predicting. Revenue did beat estimates, but Pinterest said ad spending has been slowing and that its expenses will continue to grow this quarter.

Activision Blizzard (ATVI) earned 76 cents per share for its latest quarter, well above the consensus estimate of 38 cents a share. The video game maker's revenue also topped forecasts. The company also gave an upbeat 2020 outlook, as it benefits from the virus-related sheltering at home.

Electronic Arts (EA) beat estimates by 10 cents a share, with quarterly earnings of $1.08 per share. Revenue came in slightly above Wall Street forecasts. Like rival Activision, Electronic Arts also benefited from increased engagement with its video games from people sheltering at homes.

As more countries look to lift their coronavirus lockdowns, "social bubbles" have been floated as an idea of how to ease restrictions, but experts say they could be difficult to put into practice. This has already been implemented in New Zealand and is said to have been considered in Belgium.