Etsy, Uber, Moderna, Dogecoin, PayPal: What to Watch When the Market Opens Today

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%.
Market Fact
  • 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 
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