Thursday's trading: 5 things to know
Traders will also be watching for the U.S. trade balance for May which is expected to narrow for a second month to $84.9 billion
Here are the key events taking place on Thursday that could impact trading.
GAMESTOP: Watch shares of the video-game retailer after the company's board approved a four-for-one stock split. Shares rose 10% in premarket trading to $129.25.
GameStop shares surged more than 680% in 2021 during the "meme stock" trading frenzy as retail traders on social media platforms such as Reddit snapped up heavily shorted stocks in a bid to squeeze out hedge funds betting against them.
JOBLESS CLAIMS: Data on jobs and international trade are on deck Thursday morning. The Labor Department is out with its count of new claims for unemployment benefits for last week. Expectations are for 230,000, little changed from 231,000 the previous week and holding slightly above pre-pandemic levels.
UPCOMING JOBS REPORT WILL BE ‘BIG MARKET MOVER’: INVESTMENT EXPERT
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to inch lower for the second week in a row to 1.327 million.
WEST COAST DOCKWORKERS STILL TALKING AFTER CONTRACT EXPIRES
TRADE BALANCE: The Commerce Department is out with the U.S. trade balance for May. The monthly deficit in goods and services is expected to narrow for a second month to $84.9 billion. That compares with a record $107.65 billion deficit in March on huge demand for imported goods, as well as rising prices tied to inflation.
EARNINGS REPORTS: The earnings spotlight will be on Levi Strauss and WD-40 after the bell.
|LEVI||LEVI STRAUSS & CO.||13.20||-0.36||-2.65%|
FORMER TOP TRUMP OFFICIAL RIPS BIDEN ADMINISTRATION'S RECENT OIL DRILLING PROPOSAL
OIL INVENTORIES: The Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to fall by a little more than one million barrels, following a decline of almost 3 million barrels the previous week. Watch for a build of more than 1.1 million barrels in distillate supplies (heating oil and diesel fuel), and a draw of nearly half a million barrels in gasoline inventories.