Producer prices, Disney shares rise and more: Thursday's 5 things to know
Disney shares will be on the move in the Thursday session after reporting its latest earnings and streaming subscriber numbers
Slatestone Wealth chief market strategist Kenny Polcari argues the current market rally does not 'signal the end' of volatility from the bear market.
Here are the key events taking place on Thursday that could impact trading.
Reports on wholesale inflation and layoffs are on deck before the opening bell.
PRODUCER PRICES: The Bureau of Labor Statistics will report wholesale inflation data for July. The producer price index is expected to rise 0.2% month-over-month, according to Refinitiv forecasts, well below June’s 1.1% spike and a record 1.6% surge in March.
Year-over-year, prices paid by wholesalers are anticipated to jump 10.4% in July, trailing June’s hotter-than-expected 11.3% surge.
A worker on an assembly line. (AP / AP Newsroom)
If you exclude food and energy costs, core producer prices are anticipated to rise 0.4% monthly in July, matching June’s increase. Year-over-year look for core PPI to jump 7.6% in July.
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JOBLESS CLAIMS: The Labor Department will release its tally of new claims for unemployment benefits for last week, expected to show a tight jobs market that is cooling off. Expectations are for 263,000, up slightly from the previous week and the highest in 9 months. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to edge lower to 1.407 million.
A part of the signage at the main gate of The Walt Disney Co. is pictured in Burbank, California. (REUTERS/Fred Prouser / Reuters Photos)
WALT DISNEY: Shares of the entertainment giant gained 4% in extended trading after the company said it edged past Netflix with a total of 221 million streaming subscribers at the end of the most recent quarter. Prices for Disney+ and Hulu will rise for both platforms in December. Disney added 14.4 million Disney+ customers, beating the consensus of 10 million expected by analysts. Disney posted adjusted earnings-per-share of $1.09, up 36% from a year earlier, as visitors packed its theme parks. Operating income more than doubled at the parks, experiences and products division to $3.6 billion. Disney's streaming effort is still losing money, reporting a loss of $1.1 billion for the quarter.
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NASDAQ BULL: The Nasdaq gained 2.9% on Wednesday closing at 12,854.80, officially entering a new bull market, as tracked by Dow Jones Market Data Group. The gains were fueled, in part, by a slight easing of inflation which rose 8.5% in July, down from June’s 9.1%. Still, prices remain near 40-year highs an overhang on the economy.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)
OIL DIP: Prices slipped Thursday, pulling back after gaining more than $1 in the previous session as supply disruptions eased. West Texas Intermediate crude futures traded at $91.00 per barrel. Brent crude futures were at $97.00 a barrel.
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U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, topping expectations for an increase of 73,000 barrels.