Jobless claims data on tap
U.S. stock futures were trading lower ahead of the opening bell Thursday as traders prepared for the release of the latest jobless claims figures.
Expectations are for 386,000, down from a pandemic low of 406,000 the previous week. Continuing claims, a measure of the total number of unemployed workers receiving benefits, are anticipated to drop to 3.615 million from 3.642 million.
The ADP National Employment Report for May, crude stockpiles data for the week ended May 28, and the May ISM non-manufacturing PMI are also due for release today.
As of 5:35 a.m. ET, futures tied to blue-chip Dow were down 72 points, or 0.21% to 34,514. S&P 500 futures gave away 9.87 points, or 0.23% to 4,196.38 while the tech-heavy Nasdaq 100 futures dropped 38.75 points, or 0.28% to 13,635.
AMC, BlackBerry extend rally
AMC (NYSE: AMC) stock jumped another 20% in premarket trade Thursday, after closing at a fresh record of $62.55 on Wednesday gaining 95.59% in the regular trading session on Wednesday.
AMC has skyrocketed more than 2850% so far this year, including Tuesday’s 95.59% gain, and the company’s market cap surpassed $31 billion. The stock has been among the biggest gainers from a flood of interest in meme stocks, as millions of amateur traders, egged on by social media, attempt to take on some of Wall Street’s biggest investors.
Other meme stocks are also moving higher. Koss (NASDAQ: KOSS) rose 2.23% to $41.63 a share after soaring $68.61% on Wednesday. Blackberry (NYSE: BB) gained 22.89% to $18.74 in premarket after closing with a gain of 32.09% during the previous session.
Slack, Broadcom, Express earnings eyed
Traders are also awaiting a slew of corporate earnings today. Chipmaker Broadcom (NASDAQ: AVGO) is expected to post earnings of $6.42 per share and revenue of $6.51 billion after the closing bell.
Slack Technologies (NYSE: WORK) is seen reporting a quarterly loss of 2 cents per share and revenue of $263.33 million. Analysts expect DocuSign (NASDAQ: DOCU) to report quarterly earnings of 28 cents per share and revenue of $436.27 million.
Other notable earnings to watch to today include Express (NYSE: EXPR), Lululemon Athletica (NASDAQ: LULU), and Five Below (NASDAQ: FIVE).
