Here’s what we’re watching ahead of the opening bell on Thursday.
- U.S. stock futures ticked higher ahead of jobs data that are expected to show the economic recovery gained momentum in recent weeks.
- Futures for the S&P 500 ticked up 0.1%. Contracts for the Dow Jones Industrial Average also edged up 0.1%, a day after the blue-chip index closed at a record for the 22nd time this year. Futures for the technology-focused Nasdaq-100 rose 0.1%. Read our full market wrap here.
What’s Coming Up
- Another heavy day for corporate earnings will include after-market reports from insurer AIG , travel company Expedia Group , cinema chain AMC Entertainment , Beyond Meat , Wall Street Journal owner News Corp , miniature camera company GoPro , burger joint Shake Shack and post-burger calorie burner Peloton .
- A slight drop is forecast for weekly jobless claims, due out at 8:30 a.m. ET.
Market Movers to Watch
- Etsy tumbled 11.5% ahead of the open after the online marketplace for handicrafts reported a strong first quarter but predicted a slowdown ahead. A pandemic-driven boom in face mask sales is one big factor behind the warning.
- Pfizer and Moderna both fell after the U.S. said it would back global calls for drug makers to waive patent protections on Covid-19 vaccines. The hope is that copycat vaccine production would speed the fight against the virus. Pfizer is down 2% in premarket trading, while Moderna is off 5% even though it reported first quarter net income of $1.2 billion Thursday.
- PayPal jumped 4.5% after it made more noise about its moves into cryptocurrency trading alongside good overall first-quarter results.
- Meanwhile, traders might be finally getting the joke about the original LOLcoin: Dogecoin is down 8.6% according to Coindesk, although it is still up by, well, a lot.
- Cardinal Health plunged 8.2% premarket after the pharmaceutical distributor missed forecasts for its third quarter earnings.
- A big jump in streaming revenue helped ViacomCBS beat forecasts, pushing its stock up more than 2.5% premarket. Sports and kids shows on Paramount+ helped drive revenue there nearly two-thirds higher.
- Uber is down 3.7% premarket extending a similar decline on Wednesday when it reported a fall in revenue. The company set aside $600 million after being forced by a U.K. court to treat its drivers like employees. Rival Lyft is also down 2.7%.
- The Dow Jones Industrial Average on Wednesday hit its 22nd record close of 2021—tying the number of records the blue-chip index set in all of 2019, according to Dow Jones Market Data. Its next new high will mark the most in a calendar year since 2017, when there were 71.
- Gasoline futures hit a 52-week high on Wednesday, as front month Nymex RBOB gasoline for June delivery gained 0.01 cent per gallon to $2.1513.
Chart of the Day
- After bitcoin’s and dogecoin’s blistering rallies this year, investors are trying to find more completely made up things to throw their money at. SafeMoon? VeChain? No, me neither.
Must Reads Since You Went to Bed
Etsy, Uber, Moderna, Dogecoin, PayPal: What to Watch When the Market Opens Today Source link Etsy, Uber, Moderna, Dogecoin, PayPal: What to Watch When the Market Opens Today