Thursday's Trading: 5 Things to know
The reports on jobless claims and private hiring come ahead of Friday's release of the monthly employment report
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Here are the key events taking place on Thursday that could impact trading.
GAMESTOP: Shares rose 3% in after-hours trading as sales rose, but its quarterly loss widened. The video game retailer posted $1.38 billion in net sales, up from $1.28 billion a year earlier. On an adjusted basis, the retailer reported a loss of $2.08 a share, compared with a loss of 45 cents a share over the same period a year ago.
GameStop Strip Mall Location. (iStock)
EARNINGS: Reports are due from Designer Brands, Hormel Foods and Lands’ End before the market opens and Broadcom and Lululemon Athletica after the bell.
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ADP REPORT: The payroll processing firm ADP releases its National Employment report for May. Economists are looking for a gain of 300,000 private-sector jobs, up from a much weaker-than-expected tally of 247,000 jobs in April. The report was pushed back a day by the Memorial Day holiday.
JOBLESS CLAIMS: The Labor Department releases its tally of new claims for unemployment benefits for last week. Expectations are for 210,000, unchanged from the previous week and holding at pre-pandemic levels. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to edge down to 1.325 million.
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OIL INVENTORIES: The Department of Energy will release its inventory report for last week. Crude stockpiles are expected to fall by 1.35 million barrels, following a steeper-than-expected draw of more than 1 million barrels the previous week. Watch for builds of more than 500,000 barrels in gasoline inventories.