The Market News Today: Jobless Claims Data to Offer Fresh Economic Insights

Labor Market Update: New Jobless Claims Data to Provide Economic Insight

Thursday’s release of jobless claims data for the week ending August 3 will offer fresh insights into the U.S. labor market. Economists predict 240,000 initial claims, down from 249,000 the previous week. The report, due at 12:30 GMT, carries heightened significance following last week’s underwhelming July payrolls report. Recent months have seen an upward trend in jobless claims, making this data crucial for gauging economic health. Investors are closely watching, as the figures could potentially trigger market movements and shape perceptions of the overall economic landscape.

Market Futures Steady as Wall Street Seeks Stability Amid Recent Volatility

Stock market futures showed minimal changes Thursday morning as investors sought stability following recent market swings. The Dow, S&P 500, and Nasdaq futures saw slight shifts. Wednesday’s early rally fizzled out, raising concerns about persistent market pressures. All major averages have declined in four of the last five sessions. Experts suggest the current volatility could continue throughout the year due to economic concerns, geopolitical conflicts, and upcoming elections. Investors are closely watching jobless claims data and corporate earnings reports for market direction cues.

Notable Pre-Market Stock Movements: Entertainment, Tech, and Real Estate Shifts

Several stocks are making significant moves before the market opens on August 8. Warner Bros. Discovery dropped 8.5% after a substantial write-down and revenue miss. Zillow surged over 13% following strong quarterly results. Klaviyo jumped 17% on better-than-expected earnings. Bumble tumbled 28% due to weak revenue. Dutch Bros fell 15% despite raised guidance. Tech stocks like JFrog and Fastly declined on soft guidance. Duolingo rose 5% after beating estimates. Other notable movers include SolarEdge Technologies, Applovin, and McKesson, reflecting diverse market reactions across various sectors.

Eli Lilly Prepares for Q2 Earnings Amid Revised Forecasts and Mixed Expectations

Eli Lilly is set to report Q2 2024 earnings on August 8, with analysts projecting revenue of $9.95 billion and earnings of $2.71 per share. Full-year estimates for 2024 and 2025 have been slightly revised downward. The company’s previous quarter saw mixed results, beating earnings expectations but missing revenue forecasts. Analysts’ 12-month price targets average $929.03, implying a 17.13% upside, while GuruFocus estimates suggest a potential downside. With a consensus “Outperform” rating, Eli Lilly faces varied market expectations ahead of its earnings release.

Treasury Yields Dip as Market Sentiment Wavers Amid Economic Uncertainty

U.S. Treasury yields decreased on Thursday as global stock markets faltered. The 10-year yield fell 5 basis points to 3.915%, while the 2-year yield dropped 6 basis points to 3.9388%. This shift reflects persistent investor nervousness about economic conditions and recession fears. Weak demand at a recent Treasury auction and dovish remarks from Bank of Japan officials influenced market sentiment. Investors are now focusing on upcoming jobless claims data for further economic insights, as they seek clarity amid ongoing market volatility.