Here are the most important news, trends and analysis that investors need to start their trading day:
A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York, April 16, 2021.
Carlo Allegri | Reuters
U.S. stock futures pointed to a third straight day of gains, making Monday’s major sell-off seem like a distant memory. The Dow rose another 286 points, or 0.8%, on Wednesday. Coupled with Tuesday’s 549 point gain, the 30-stock average turned positive for the week. The S&P 500 and Nasdaq also gained nearly 1% on Wednesday. All three stock benchmarks, ahead of Wall Street’s open Thursday, were less than 1% from their latest record closes on July 12. Investors seem to have shaken off their immediate concerns about the spread of the delta variant and the increase in Covid cases. The 10-year Treasury yield ticked higher again Thursday to 1.3% after hitting a 5½-month low of nearly 1.13% early this week. Bond yields move in the opposite direction of bond prices.
Economists expect initial jobless claims of 350,000 for last week. That would be a new Covid-era low. The government is set to release its weekly claims report at 8:30 a.m. ET, one hour before the opening bell. New filings for unemployment benefits totaled 360,000 in the prior week, the best number since March 2020.
At 10 a.m. ET, The National Association of Realtors issues its June report on existing home sales. Economists expect a 2.2% increase to an annual rate of 5.93 million units. Existing home sales dropped 0.9% in May.
A pedestrian walks in front of an AT&T location in New York.
Scott Mlyn | CNBC
AT&T on Thursday beat analyst estimates for monthly phone bill paying subscriber additions in the second quarter, fueled by more Americans converting to 5G. WarnerMedia, the company’s media unit, added 2.8 million U.S. subscribers for its premium channel HBO and streaming platform HBO Max during the quarter. In May, AT&T agreed to spin off and combine its media assets with Discovery in a deal expected to close in mid-2022. AT&T’s per-share earnings of 89 cents beat expectations, as did revenue of just over $44 billion. Shares rose about 1.5% in the premarket.
An American Airlines plane lands at the Miami International Airport on June 16, 2021 in Miami, Florida.
Joe Raedle | Getty Images