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It’s a big day for Wall Street as the much-awaited Jobless Claims numbers are out, which could be a major factor in market moves for the rest of the week. Right now, stock futures are climbing up as the weekly jobless claims numbers have come in better than expected.
The S&P 500 is up +44 points, the Dow is +165 points, while the Nasdaq is +206 points right now.
Initial Jobless Claims dropped to 233K, quite lower than expectations and down 17K from last week’s revised figures of 250K. Last week’s revised numbers were the highest since August 2023.
Continuing Claims, reported a month in arrears from new claims, came in at 1.875 million, an increase of 6K from the previous week’s downwardly revised 1.869 million. This week’s numbers are the highest level since November 2021.
Markets are still struggling to stabilize after Monday’s bloodbath and it will take some time as recession fears continue to unsettle investors. The Cboe Volatility Index, or the “fear gauge,” was trading near 26 today morning, after falling to 22 earlier on Wednesday.
Meanwhile, the earnings season continues in full swing, with a few big names reporting quarterly results. Pharma behemoth Eli Lilly and Company (LLY - Free Report) reported second-quarter 2024 earnings of $3.92 per share, beating the Zacks Consensus Estimate of $2.64 per share. The company posted revenues of $11.3 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 14.99%.
CyberArk Software Ltd. (CYBR - Free Report) reported second-quarter 2024 earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.41 per share. The company posted revenues of $224.71 million, surpassing the Zacks Consensus Estimate by 2.48%.
Recreational products company YETI Holdings, Inc. (YETI - Free Report) reported second-quarter 2024 earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.64 per share. The company posted revenues of $463.5 million, surpassing the Zacks Consensus Estimate by 1.49%.
Restaurant Brands International Inc. (QSR - Free Report) posted second-quarter 2024 earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.85 per share. The fast food company came up with revenues of $2.08 billion, surpassing the Zacks Consensus Estimate by 1.70%.
We will also see quarterly reports from Gilead Sciences, Inc. (GILD - Free Report) , Dropbox, Inc. (DBX - Free Report) , The Trade Desk, Inc. (TTD - Free Report) after the bell.
There is no major economic data scheduled for release later in the day and tomorrow. So, the Jobless Claims report will play a major factor in market moves for the rest of the week.
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Continuing Claims Hit Highest Since Nov 2021
It’s a big day for Wall Street as the much-awaited Jobless Claims numbers are out, which could be a major factor in market moves for the rest of the week. Right now, stock futures are climbing up as the weekly jobless claims numbers have come in better than expected.
The S&P 500 is up +44 points, the Dow is +165 points, while the Nasdaq is +206 points right now.
Initial Jobless Claims dropped to 233K, quite lower than expectations and down 17K from last week’s revised figures of 250K. Last week’s revised numbers were the highest since August 2023.
Continuing Claims, reported a month in arrears from new claims, came in at 1.875 million, an increase of 6K from the previous week’s downwardly revised 1.869 million. This week’s numbers are the highest level since November 2021.
Markets are still struggling to stabilize after Monday’s bloodbath and it will take some time as recession fears continue to unsettle investors. The Cboe Volatility Index, or the “fear gauge,” was trading near 26 today morning, after falling to 22 earlier on Wednesday.
Meanwhile, the earnings season continues in full swing, with a few big names reporting quarterly results. Pharma behemoth Eli Lilly and Company (LLY - Free Report) reported second-quarter 2024 earnings of $3.92 per share, beating the Zacks Consensus Estimate of $2.64 per share. The company posted revenues of $11.3 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 14.99%.
CyberArk Software Ltd. (CYBR - Free Report) reported second-quarter 2024 earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.41 per share. The company posted revenues of $224.71 million, surpassing the Zacks Consensus Estimate by 2.48%.
Recreational products company YETI Holdings, Inc. (YETI - Free Report) reported second-quarter 2024 earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.64 per share. The company posted revenues of $463.5 million, surpassing the Zacks Consensus Estimate by 1.49%.
Restaurant Brands International Inc. (QSR - Free Report) posted second-quarter 2024 earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.85 per share. The fast food company came up with revenues of $2.08 billion, surpassing the Zacks Consensus Estimate by 1.70%.
We will also see quarterly reports from Gilead Sciences, Inc. (GILD - Free Report) , Dropbox, Inc. (DBX - Free Report) , The Trade Desk, Inc. (TTD - Free Report) after the bell.
There is no major economic data scheduled for release later in the day and tomorrow. So, the Jobless Claims report will play a major factor in market moves for the rest of the week.