Yardeni Research president Ed Yardeni, strategist Phil Blancato and Gary Kaltbaum evaluate the market on ‘Making Money.’
U.S. equity futures are pointing to a rebound after a string of positive retail earnings and a fresh drop in weekly jobless claims.
The major futures indexes suggest a gain of 0.3% when the opening bell rings on Wall Street reversing losses from the prior session. Stocks have been powering mostly higher over the last month as companies have widely reported much stronger profits for the summer than analysts expected.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35931.05 | -211.17 | -0.58% |
| SP500 | S&P 500 | 4688.67 | -12.23 | -0.26% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15921.570933 | -52.28 | -0.33% |
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Thursday’s economic reports center on jobs and manufacturing.
The Labor Department reported claims for unemployment benefits last week fell to 268,000 another pandemic low. Continuing claims, which track the total number of unemployed workers collecting benefits, slipped to 2.08 million.
At the same time the Philadelphia Federal Reserve’s index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware came in at 39. Any reading above zero means that more manufacturers say business conditions are improving rather than worsening.
And the Conference Board’s Leading Economic index will be released for October. Watch for a 0.8% increase from the prior month.
TARGET, WALMART SAY HOLIDAY INVENTORY IS UP DESPITE SUPPLY CHAIN DISRUPTIONS
The flood of retail earnings continues Thursday, with Macy’s and Kohl’s boosting outlooks as shoppers return and holiday lures more customers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY’S, INC. | 30.84 | -1.45 | -4.49% |
| KSS | KOHL’S CORP. | 56.48 | -1.80 | -3.09% |
Also on tap BJ’s Wholesale Club, Petco and Children’s Place reporting ahead of the opening bell. The afternoon will bring numbers from Ross Stores and Williams-Sonoma.
CISCO FORECAST KNOCKED BY SUPPLY CHAIN SNAGS, SHARES FALL
Cisco Systems Inc forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs. Shares of the network gear maker fell 6.3% in extended trading after it said it expects second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS, INC. | 56.76 | -0.24 | -0.42% |
Inflationary pressures — and how much they hit companies’ bottom lines— are under the microscope, with many companies warning their profit margins could suffer due to supply-chain problems and higher costs for everything from workers’ wages to raw materials.
HOUSING STARTS UNEXPECTEDLY DROP AS MATERIALS SHORTAGES PERSIST
A report on the housing market showed some of those pressures. Builders broke ground on fewer homes last month than in September, contrary to economists’ expectations for growth. But the number of building permits rose by more than expected, perhaps showing that homebuilders see those pressures eventually easing.
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In energy trading, benchmark U.S. crude fell 52 cents to $77.84 a barrel in electronic trading on the New York Mercantile Exchange. It shed $2.40 to $78.36 per barrel on Wednesday. Brent crude, the international standard, lost 32 cents to $79.96 a barrel.
The Associated Press contributed to this report.