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
Interactive Brokers Group chairman Thomas Petterffy provides insight on the stock market on 'Making Money.'
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.