Thursday's trading: 5 things to know
Traders will also be monitoring key economic reports including the latest on wholesale inflation and weekly jobless claims
Big bank Q2 earnings will be 'good, bad and ugly': Dick Bove
Odeon Capital Group financial strategist previews the second quarter earnings of Wall Street's financial titans on 'The Claman Countdown.'
Here are the key events taking place on Thursday that could impact trading.
Second quarter earnings season kicks off unofficially this week with several of the major banks reporting.
JPMORGAN CHASE: The bank run by Jamie Dimon is expected to report an increase in revenue, but a lower profit than a year ago. The Refinitiv estimate is for $2.93 per share, down from $3.78 a year ago. The revenue estimate is for $31.97 billion, a 1.8% boost from year ago.
The JP Morgan Chase & Co. headquarters on Park Avenue, Midtown, Manhattan, New York. (Tim Clayton/Corbis via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
| MS | MORGAN STANLEY | 134.69 | -0.30 | -0.22% |
MORGAN STANLEY: Results are expected to fall short of year ago numbers. The profit estimate is for $1.53 per share, off 17% from last year's $1.73. The revenue estimate is for $13.48 billion, down more than 8% from a year ago.
JAMIE DIMON WARNS OF AN ECONOMIC 'HURRICANE' COMING: 'BRACE YOURSELF'
WHOLESALE INFLATION: The producer price index for June is expected to rise 0.8% month-over-month according to Refinitiv forecasts, matching May’s increase but below a record 1.6% surge in March. Year-over-year, prices paid by wholesalers are anticipated to jump 10.7% in June, the third month of slower growth from a record 11.5% spike in March. If you exclude food and energy costs, core producer prices are anticipated to rise 0.5% monthly in June, matching May’s increase but down from a record 1.2% spike in March. Year-over-year, look for core PPI to jump 8.3% in June, same as in May and down from a record 9.6% surge in March.
Group of workers at a shoe-making factory. (iStock / iStock)
LARRY SUMMERS WARNS INFLATION UNLIKELY TO FALL WITHOUT 'SIGNIFICANT ECONOMIC DOWNTURN'
JOBLESS CLAIMS: The Labor Department will release its count of new claims for unemployment benefits for last week. Expectations are for 235,000, same as the previous week and holding slightly above pre-pandemic levels. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to edge up for a second week to 1.383 million.
Recruiters and job seekers are seen at a job fair in Golden, Colorado, June 7, 2017. (REUTERS/Rick Wilking / Reuters Photos)
UNITED AIRLINES: The airline and its pilots union are going back to the bargaining table after pilots objected to elements of a tentative agreement the group struck last month, according to the Wall Street Journal. United’s pilots were set to wrap up voting Friday on a deal that would have included pay raises of more than 14.5% within 18 months. The vote could be delayed by up to three months. Objections so far have largely been related to work rules, a union spokesman said. United declined to comment.
UNITED AIRLINES' PILOTS UNION APPROVES TENTATIVE DEAL TO BOOST PAY FOR 14,000 PILOTS
A United Airlines pilot wears a face mask as he walks to a gate at George Bush Intercontinental Airport. (AP Photo/David J. Phillip / AP Newsroom)