Initial jobless claims in focus
U.S. stocks were set for a muted open on Thursday, as market participants awaited the latest weekly jobless claims data to gauge the pace of a rebound in the jobs market, while also looking forward to a new coronavirus stimulus package.
As of 5:50 a.m. ET, futures tied to the blue-chip Dow were indicated 32 points, or 0.1% higher to 30,659. The tech-heavy Nasdaq 100 futures gained 58.13 points, or 0.43% to 13,452.38 while the S&P 500 were little changed.
The U.S. Department of Labor will release jobless claims report at 8:30 a.m. ET. Economists expect the report to show that initial claims fell to 830,000 last week from 847,000 the prior.
Peleton, Snap, Ford earnings eyed
Traders are also expecting some more major third-quarter earnings today. Key earnings to watch before the bell include Ford Motor (NYSE: F), Cigna (NYSE: CI), and AmerisourceBergen (NYSE: ABC). Bristol-Myers Squibb (NYSE: BMY), Merck (NYSE: MRK), and Clorox (NYSE: CLX).
Peleton (NASDAQ: PTON), Gilead Sciences (NASDAQ: GILD), T-Mobile (NASDAQ: TMUS), Snap (NYSE: SNAP) will announce their quarterly results after the market close.
Qualcomm tumbles as revenues disappoint
Qualcomm (NASDAQ: QCOM) shares fell in the pre-market trading session Thursday after the chipmaker reported upbeat first-quarter earnings, while revenues missed forecasts.
The company reported earnings of $2.12 per share on revenue of $8.24 billion. Analysts had projected earnings of $2.10 per share on revenue of $8.27 billion.
Looking ahead, the company expects second-quarter adjusted earnings of $1.55 to $1.75 per share on revenue of $7.2 billion to $8 billion.
Qualcomm shares were down 6.35% to $151.99 in the pre-market trading session.
Canada Goose soars 15% on strong earnings
Shares of Canada Goose (NYSE: GOOS) traded higher in pre-market trading after the company reported better-than-expected results for its fiscal third quarter.
The Toronto-based company said early Thursday it had adjusted earnings of C$1.01 per share in the quarter. Revenue came in at C$474 million compared to C$452.1 million in the same period a year ago.
Analysts expected Canada Goose to report adjusted earnings of C$0.86 a share on revenue of C$416.1 million.
As of this writing, the stock was up 15.87% to $40.75 per share in the pre-market session.