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.
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.
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.
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.
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.
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.
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.