10 things you need to know before the opening bell

Here's what you need to know before the markets open.

1. Oil surges after Trump says he expects Saudi Arabia and Russia to end their price war and reach a deal. Crude prices jumped 10% after the president said he spoke to both countries' leaders about their dispute.

2. Billionaire investor Bill Ackman posted an 11% gain in March after turning $27 million into $2.6 billion with coronavirus bets. Pershing Square recorded a 3.3% net gain for the first quarter, a sharp rebound from its year-to-date loss of 7.1% at the end of February.

3. 'Another cataclysmic week': Stocks climb as signs of relief in oil markets outweigh fears of record US jobless claims. Top economists estimate between 3 million and 5.5 million Americans filed for unemployment benefits last week.

4. Southwest Airlines plans to apply for aid from the US Treasury. The airline also drew down $2.3 billion in credit to shore up its liquidity as the novel coronavirus continues to hammer the industry.

5. German authorities are in talks to inject billions into Lufthansa. The government could loan money to the ailing airline or take a stake in its business, Reuters reported.

6. Zoom's CEO apologizes for its many security issues as daily users balloon to 200 million. The boss of the video-conferencing startup said it wasn't built to handle the current volume of users.

7. British Airways is in union talks to suspend around 32,000 staff. The airline has cut flights and warned it needs to slash headcount to survive the novel coronavirus outbreak.

8. Stocks are up. In Europe, Germany's DAX rose 0.1%, Britain's FTSE 100 rose 0.7%, and the Euro Stoxx 50 rose 0.2%. In Asia, China's Shanghai Composite rose 1.7% and Hong Kong's Hang Seng rose 0.8%, while Japan's Nikkei fell 1.4%,. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose between 1.5% and 1.8%.

9. Some major earnings are out. Walgreens Boots Alliance is the highlight.

10. It's a big day for data. Initial jobless claims will be closely watched.