Here’s what we’re watching as Thursday’s trading gets underway.
- U.S. stock futures rose after data showed a pickup in the pace of inflation as the economy emerges from the pandemic.
- Futures for the S&P 500 rose 0.3% and Dow Jones Industrial Average futures added 0.4%. Contracts for the technology-focused Nasdaq-100 slipped 0.1%. Read our full markets wrap here.
- Bitcoin was trading around $37,600, a 3.8% rise from Wednesday’s level at 5 p.m. ET. The cryptocurrency is still down over 40% from its mid-April high.
- U.S. jobless claims fell to another pandemic low last week, a sign companies are hesitant to lay off employees as the economy quickly recovers.
What’s Coming Up
Market Movers to Watch
- GameStop GME -25.17% is down 7.5% in premarket trading. The videogame retailer said it is considering a new equity offering, and disclosed that the SEC has requested documents and information for its investigation into the recent trading frenzy. It also reported stronger-than-expected sales in the most recent quarter.
- FuelCell Energy FCEL -11.36% shares dropped 11.6% after it reported a fall in revenue during the recent quarter
- Clover Health CLOV -16.61% rose over 7% earlier in the morning, before retreating to a 2% rise. The stock was up 88% for the week at yesterday’s close.
- AMC Entertainment AMC -12.71% slid 4%. The cinema chain fell over 10% on Wednesday. BlackBerry, BB -6.98% another stock frequently discussed on Reddit forums, was down 2%.
- ContextLogic WISH -1.41% shares continued to swing, jumping 4.6% ahead of the bell. On Wednesday they closed down 8.9% in heavy-volume trading, after having been up more than 25% early in the session.
- Biogen BIIB 3.60% slipped close to 1% premarket, pulling back after rallying more than 40% this week after the FDA approved its Alzheimer’s drug, a long-awaited breakthrough.
- Issuance of green bonds hit a record $270 billion last year and is on pace to exceed that amount in 2021, according to data from the Climate Bonds Initiative.
- The yield on the benchmark 10-year Treasury note closed below 1.5%, its lowest level in more than three months, dragged down by tepid economic data and high demand from investors both in the U.S. and elsewhere.
Chart of the Day
- Bankers estimate that initial public offerings could raise some $40 billion in the coming months, the most ever during a summer stretch.
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