Stocks waver, Hertz resumes trading, more stimulus needed?

The Dow and S&P 500 struggled to find direction Thursday as coronavirus cases across the U.S. continue to rise while the latest weekly jobless claims data disappointed investors. Both the Dow and S&P 500 were slightly lower in afternoon trading while the tech-heavy Nasdaq was headed for a fifth straight day of gains.

This is a live blog. Check back for updates.

3:33 pm: Hertz shares slip as company terminates controversial stock sale

Hertz shares moved lower after the troubled company said it plans to terminate a controversial stock sale. The stock was previously halted for news pending. Hertz wanted to use the sale to leverage interest in its stock, which had seen volatile trading in the wake of its bankruptcy filing. The company felt it was a better option than obtaining the so-called debtor-in-possession financing. DIP financing is a loan that the company would need to pay back. However, if it were to sell stock, the funds it raises would not need to be reimbursed. The company filed for bankruptcy on May 22. – Wayland

3 pm: Final hour of trading: Nasdaq headed for 5-day winning streak

With roughly one hour left in the trading session, the Nasdaq Composite was on pace to post its fifth consecutive gain as Amazon shares rose slightly. The tech-heavy index traded 0.1% higher. Meanwhile, the Dow and S&P 500 were headed for back-to-back losses following the release of disappointing unemployment data and an increase in new coronavirus cases. —Imbert

2:56 pm: Economy getting ‘back up to speed’ but still a long way to go before recovering, says strategist

Willie Delwiche, investment strategist at Baird, said the recent retail sales surge shows the economy is “getting back up to speed,”  but added more improvements are needed before sounding the all-clear. “When stuck in traffic, lurching forward from a dead stop is encouraging, but a far cry from getting back to cruising speed. After an initial bounce, broad and steady progress would be evidence that recovery is not just a false start,” he said. —Imbert

2:51 pm: Oil gains as OPEC+ meeting shows ‘good percentage’ of producers sticking to supply cuts

Oil prices moved higher on Thursday after OPEC and its oil-producing allies met to review the current production cut policy. While the group did not extend the record cut into August, the meeting revealed a high level of compliance with current quotas, and pledges from companies that have over-produced, including Iraq, to curtail production. “An 87% compliance on the OPEC+ agreed production cuts is a good percentage,” said Bjornar Tonhaugen, global head of oil markets at Rystad Energy. “In fact a better percentage than most market participants really expected when the curtailments were first announced. The high-level compliance is a song to traders’ ears who have been worried that words may have been too good to be true,” he added. West Texas Intermediate, the U.S. oil benchmark, settled 88 cents, or 2.32%, higher at $38.84 per barrel. International…

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