Thursday's trading: 5 things to know
Traders will also be watching the latest reports on housing starts and permits for future construction
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Here are the key events taking place on Thursday that could impact trading.
TWITTER TOWN HALL: Tesla and SpaceX founder Elon Musk will talk to Twitter employees at a company town hall for the first time since he reached a deal in April to purchase the social media giant for $44 billion. Musk is slated to answer pre-submitted employee questions for roughly an hour at the virtual meeting, according to the Wall Street Journal.
Tesla CEO Elon Musk. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images / Getty Images)
JOBLESS CLAIMS: The Labor Department is out with its count of new claims for unemployment benefits for last week. Expectations are for 215,000, down from 229,000 the previous week and back around pre-pandemic levels. Continuing claims, which track the total number of workers collecting unemployment benefits, are anticipated to edge down to another 52-year low. Economists surveyed by Refinitiv are calling for 1.302 million.
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A "Sold" sign outside a new home under construction in Tucson, Arizona. (Photographer: Rebecca Noble/Bloomberg via Getty Images / Getty Images)
HOUSING STARTS: The Commerce Department is expected to say that the number of new homes under construction in May fell 1.3%, the third straight monthly decline, to a seasonally adjusted annual rate of 1.701 million. That’s down from 1.724 million in April, and well below March’s reading of 1.783 million which was the highest since June 2006. Permits for future construction are anticipated to fall 2.1% to 1.785 million in May.
HOUSING INDUSTRY INSIDER WARNS MARKET SEEING SIGNS OF A ‘REAL SLOWDOWN’
MANUFACTURING: The Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey and Delaware. It’s expected to rebound slightly in June from a 2-year low of 2.6 the prior month. Recall that any reading above zero means that more manufacturers say business conditions are improving rather than worsening.
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United States flags fly outside of the New York Stock Exchange (NYSE). (REUTERS/Lucas Jackson)
EARNINGS: Thursday's reports will be from Jabil Circuit and Kroger before the market open and Adobe and Beyond Air after the bell.