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"I actually think long-term the best cyclical play out there are the very large banks," said Steve Eisman, senior portfolio manager at Neuberger Berman.

Treasury Secretary Steven Mnuchin said he is considering a government lending program for U.S. oil companies looking for federal aid as they cope with a devastating plunge in prices, Bloomberg News reported on Thursday.

Boeing Co is planning to cut 787 Dreamliner output by about half and announce job cuts in its first-quarter earnings report, Bloomberg news reported https://www.bloomberg.com/news/articles/2020-04-23/boeing-poised-to-cut-dreamliner-output-jobs-on-plunging-demand on Thursday.

Asia equities face a bumpy session on Friday after Wall Street pared early gains as optimism over a rebound in oil prices and prospects for further government stimulus were offset by stark economic data showing the toll of the coronavirus pandemic.

U.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department said that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.

The U.S. House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.

Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.

Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review, according to an affidavit from one of the company's administrators.

L Brands Inc filed a legal complaint against Sycamore Partners on Thursday, after the buyout firm walked away from a $525 million deal to acquire a majority stake in the company's Victoria's Secret lingerie brand.

Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic.

Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review and will seek a three-month payment waiver from aircraft lessors, according to the company's administrators.

"Stop circling the wagons around index funds here," the "Mad Money" host said.

A record 26 million Americans likely 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 as the novel coronavirus savages the economy.

Swedish truck maker AB Volvo reported a smaller-than-expected fall in first-quarter operating earnings on Thursday but warned its net order intake of trucks had been negative since the end of March as customers canceled planned purchases due to the pandemic.

French carmaker Renault on Thursday posted a 19.2% drop in first-quarter revenue to 10.13 billion euros ($10.97 billion), and said it was still too early to assess what impact the coronavirus crisis would have on its earnings this year.