Thursday's trading: 5 things you should know

Reports are due on economic growth, jobless claims and pending home sales

Here are the key events taking place on Thursday that could impact trading.

GDP: the Commerce Department will release its second estimate of 1Q GDP.  The Refinitiv forecast is for a seasonally adjusted annual contraction of 1.3%. That’s a slight improvement from the advance estimate of -1.4%, but a big reversal from the 7.0% growth rate in the fourth quarter.

GDP manufacturing

A United Auto Workers assemblyman installs the front doors on a Ford F-150 truck being assembled in Dearborn, Mich. (AP Photo/Carlos Osorio, File) ((AP Photo/Carlos Osorio, File) / AP Newsroom)

JOBLESS CLAIMS: The Labor Department releases its tally of new claims for unemployment benefits for last week. Expectations are for 215,000, little-changed from 218,000 the previous week and holding at pre-pandemic levels.

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PENDING HOME SALES: The National Association of Realtors is out with its index of pending home sales for April. Economists surveyed by Refinitiv are looking for a decline of 2%, the sixth straight monthly drop as buyers contend with rising borrowing costs.

WILLIAMS-SONOMA: The company reported better-than-expected first-quarter earnings on higher sales at its Pottery Barn and West Elm stores and improved margins. Shares rose 16% in after-hours trading Wednesday, following a 9% increase in the regular trading session.

Ticker Security Last Change Change %
WSM WILLIAMS-SONOMA INC. 121.05 -2.30 -1.86%

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RETAIL EARNINGS: In the morning, department store Macy’s and discount retailers Dollar General and Dollar Tree will release quarterly results. After the closing bell, the focus turns to big-box retailer Costco, as well as Gap, Ulta Beauty and American Eagle Outfitters.