GDP revision, Salesforce falls and more: Thursday's 5 things to know
Anticipation is building for Friday's speech from Fed Chair Jerome Powell at the Jackson Hole meeting
Wells Fargo Investment Institute senior global market strategist Scott Wren forecasts how high the Fed raise rates this year and if U.S. stocks are the best place for investors to be on 'Varney & Co.'
Here are the key events taking place on Thursday that could impact trading.
2Q GROWTH: The Commerce Department will release its second estimate of 2Q GDP.
The Refinitiv forecast is for a seasonally adjusted annual decline of 0.8%.
That’s a slight improvement from the advance estimate of -0.9%, which followed a surprise contraction of 1.6% in first quarter.
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Employees work on the assembly line in Detroit, Michigan. (Jeff Kowalsky/Bloomberg via Getty Images / Getty Images)
JOBLESS CLAIMS: The Labor Department will release its tally of new claims for unemployment benefits for last week, indicating a tight jobs market that continues to cool. Expectations are for 253,000, up slightly from the previous week and the highest in a month.
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to nudge higher for a fourth month to 1.442 million.
JACKSON HOLE: The Federal Reserve’s annual economic symposium gets under way Thursday at a lodge in Grand Teton National Park.
Fed Chairman Jerome Powell. (Fox News Channel)
On Friday, Fed Chair Jerome Powell will deliver a speech that could signal how high or how fast the central bank may raise interest rates in the coming months. Powell's remarks will be scrutinized by Wall Street traders and economists and could potentially cause sharp swings in financial markets.
SALESFORCE: Shares are off 7% in premarket trading after the company cut its full-year revenue forecast to below market estimates over a sharp hit from a strong dollar and strong competition in cloud computing.
The Salesforce logo is seen at its headquarters in San Francisco, California. (Stephen Lam/Getty Images / Getty Images)
The San Francisco, California-based company now expects revenue of $30.90 billion to $31.00 billion, lower than the $31.70 billion to $31.80 billion it forecast in May, and below Wall Street estimates of $31.73 billion.
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Salesforce reported revenue of $7.72 billion in the second quarter ended July 31, up 22% from last year.
SNOWFLAKE: Shares are surging 17% in premarket trading after the data-software company easily topped revenue expectations for its latest quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNOW | SNOWFLAKE INC. | 171.35 | +42.23 | +32.71% |
The company posted a fiscal second-quarter net loss of $223 million, or 70 cents a share, whereas it lost $190 million, or 64 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were expecting Snowflake to post a per-share GAAP loss of 56 cents.
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Snowflake’s revenue rose to $497 million from $272 million, while the FactSet consensus was for $467 million. The company logged $466 million in product revenue, above the $439 million that analysts had expected.