Here’s what we’re watching ahead of the opening bell on Thursday.
—U.S. stock futures are down, with the Nasdaq losing 0.8%, as technology companies that reported earnings after Wednesday’s close are registering drops, including
S&P 500 futures edged down 0.2%. Apple is off nearly 2% in premarket, Facebook is down 0.6%. But everyone’s favorite story stock,
which jumped 134% on Wednesday, is up 36% in premarket. For our live blog on the market’s latest mayhem, follow this link.
—Around 847,000 Americans filed new jobless claims last week, holding at high levels after 914,000 the previous week, but were still slightly less than expected. Fourth-quarter GDP grew 4%.
What’s Coming Up
—Earnings are due from
after the close.
Market Movers to Watch
stock is rocketing higher before the market opens, up about 40% after reporting a full year loss of $8.9 billion, which was slightly less bad than expected. It highlighted cost savings and a big pool of available funding, but a leap this large suggests a lot of investors may have bet against the company and are now getting painfully squeezed.
—American’s stomach-lurching ride is dragging other unloved travel stocks with it.
is nearly 9% higher, and
Norwegian Cruise Line
are also up.
—Tesla is down more than 4% in premarket trading after the trendy electric-car maker reported its first-ever full-year profit but missed expectations for how big that profit would be. The share price has still risen by almost ten times since the start of 2020.
seems to be one of the latest stocks to join the Reddit rollercoaster: Having shot up more than 30% in two days, it’s down nearly 6% premarket. There’s not much news, but there are some lemon-related gifs on Twitter.
B shares are among the most shorted stocks in the U.S., according to Goldmans Sachs, which means investors are betting heavily that the stock price will fall. It’s another stock that will be causing hedge funds pain because it has risen nearly 23% in the past three days and has doubled since August. Premarket it is down more than 2%.
—More fairground fun with
: up 301% on Wednesday, down 3.5% in premarket.
Bed Bath & Beyond
is another stock that’s part of the Reddit rally. Up by 43.5% on Wednesday, it is also down 2% ahead of the open Thursday.
the Nasdaq-listed medical diagnostics and imaging company focused on women’s health, is the big gainer in premarket trading up more than 3%. First quarter revenue nearly doubled, it reported at the market close on Wednesday.
The Dow Jones Industrial Average on Wednesday notched its longest losing streak since February 2020, having fallen for five consecutive trading days, on the highest volume trading so far this year.
Chart of the Day
The man who created Reddit’s WallStreetBets never imagined the community would send GameStop shares into overdrive, nearly topple a hedge fund and leave professional money managers staring at Twitter with mouths agape.
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