Index futures were relatively flat as investors prepare for a new round of jobless claims and an expected drop in business activity, plus stocks to watch today in the Money & Markets Opening Bell.

The Top Story

Data is expected to show a record 26 million Americans sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month.

That has kept stock futures mostly flat as investors braced for that and projected terrible business activity data.

The benchmark S&P 500 index is 17% below its February record high as statewide shutdowns sparked layoffs and crushed consumer spending. Surveys on U.S. manufacturing and services firms are likely to mirror dismal readings from Asia and Europe issued earlier on Thursday.

Wall Street jumped on Wednesday on a recovery in oil prices and signs Congress was readying nearly $500 billion more in aid for small businesses and hospitals. The bill is expected to clear the House of Representatives later today.

Retailer Target Corp. (NYSE: TGT) rose 1.3% in premarket trading after a surge in digital sales in March and April offset a slump in store sales. It later retreated and posted a 5% drop before the market opened.

Eli Lilly and Co. (NYSE: LLY) gained 1.5% as it reported a jump in first-quarter sales, boosted by its diabetes drug and also benefiting from customers stockpiling its medicines during the pandemic.

As of 9:20 a.m. EDT, Dow Jones, S&P 500 and Nasdaq Composite futures were mostly flat.

Stocks to Watch Today

L Brands Inc. (NYSE: LB) — The fashion retailer took a hit after news that its sale of Victoria’s Secret is close to falling through after private-equity firm Sycamore Partners is looking to back out of the deal. Shares of L Brands were down 2.6%.

Snap Inc. (NYSE: SNAP) — Investor sentiment cooled after the social media company jumped 36% on Wednesday. Analysts started to factor in the company’s pullback of 2020 full-year guidance. Shares of Snap Inc. were down 1.8% in premarket trading.

Gap Inc. (NYSE: GPS) — Shares of the clothing supplier were down 2.5% after the company suspended rent payments. It is negotiating with landlords to defer and abate rents as stores remain closed.

New $310 Billion in Small Business Aid Already Spoken For, Banks Say

It hasn’t been officially approved yet, but the $310 billion in new money for the small business Paycheck Protection Program is already spent.

Banking groups said the volume of applications for the initial $349 billion who didn’t get it likely covers the new amount, according to CNBC.

“The majority if not all of the funding Congress is considering right now is already exhausted,” Consumer Bankers Association spokesman Nick Simpson said.

Credit Cards Cutting Limits for People Struggling

Large U.S. credit-card issuers are lowering some customer spending limits as jobless claims are expected to spike again.

Discover Financial Services (NYSE: DFS) and Synchrony Financial (NYSE: SYF) both confirmed to Bloomberg they have started to rein in lines of credit as economic uncertainty continues to hammer the economy.

Europe Suffers Record Collapse in Economic Activity

Business activity across Europe and Japan suffered massive setbacks as the coronavirus lockdown hampered most sectors.

The Purchasing Managers Index for the Eurozone fell to 13.5 in April — anything below 50 indicates a drop in activity, and the lower the number, the bigger the fall. April’s figure is a record low and indicates a global economic recession is here.

What We’re Reading

Social Security Projected Insolvent by 2035. COVID-19 Is Moving That Date Up (Money & Markets)

State Workers Start Losing Jobs as COVID-19 Hits Tax Revenues (USA Today)

O’Dell: Bank of America Stuns With $3K Gold Target — and That’s Conservative (Money & Markets)

Earnings Report

Here are the companies releasing earnings reports today:

Domino’s Pizza Inc. (NYSE: DPZ)

Eli Lilly and Co. (NYSE: LLY)

Hershey Co. (NYSE: HSY)

Intel Corp. (Nasdaq: INTC)

Union Pacific Corp. (NYSE: UNP)

Check back each morning before the opening bell for stocks to watch today with Opening Bell, here on Money & Markets