Thursday’s market action is expected to be influenced by several key events, including Nvidia CEO Jensen Huang’s appearance on “Squawk on the Street” following a strong earnings report and share buyback authorization. Attention will also be on SpaceX as it prepares for what could be the largest IPO in history. Economically, investors will be closely watching weekly jobless claims and housing starts data for insights into the labor market and housing sector health.
Stocks @ Night is your daily pulse on the market, delivering a first look at tomorrow and a last look at today, directly to your inbox. Sign up for free! Here's what CNBC TV's producers were watching as the S&P 500 snapped a three-day losing streak, and what's on the radar for the upcoming trading session.
Nvidia's Next Move After Earnings Beat
Nvidia CEO Jensen Huang is set to appear on "Squawk on the Street" in the 10 a.m. hour ET. The tech titan recently surpassed both earnings and revenue expectations for its fiscal first quarter and announced an $80 billion share repurchase authorization. Despite the strong report, Nvidia's stock saw a modest dip of about 1% in extended trading. CNBC "Fast Money" trader Dan Nathan had anticipated this, noting on Tuesday that the elevated expectations might cap significant upward momentum. Shares are down 5.5% from last week's peak but remain up approximately 12% for May. CNBC TV's Kristina Partsinevelos will be closely monitoring NVDA's performance on Thursday.
SpaceX Prepares for Historic IPO
Elon Musk's SpaceX is gearing up for its public debut on the Nasdaq, with the IPO potentially launching next month. CNBC TV's Leslie Picker is leading the coverage, uncovering key details from the company's filing. Notable points include the potential transfer of up to 20% of "early release eligible shares" following quarterly results (through June 30), and an additional 10% that could be sold if the stock price is at least 30% above the IPO price by its first post-listing earnings report. While all early-release eligible shares may be transferred 180 days after the IPO, Elon Musk will reportedly have to wait the full period due to his exclusion from these provisions. This offering is anticipated to be the largest IPO in history, with the ticker symbol SPCX.
For those seeking early exposure, several publicly traded funds offer stakes in SpaceX:
- The Fundrise Innovation Fund (VCX): Despite recent volatility attributed to a short report, this fund has surged approximately 160% in May.
- Baron Focused Growth Fund (BFGIX): Boasts a 19% allocation to SpaceX, though it requires a minimum investment of $1,000,000. The fund has gained 14% over the past year.
- Cathie Wood's ARK Venture Fund (ARKVX): Holds a 14% stake in SpaceX and has seen a nearly 25% jump in its value over the last six months.
CNBC TV's Morgan Brennan has been tracking SpaceX since its inception and will provide further insights on "Morning Call" starting at 5 a.m. ET on Thursday.
Key Economic Data on Tap
Thursday's economic calendar features two critical reports:
- Weekly Jobless Claims: Scheduled for release at 8:30 a.m. ET on 'Squawk Box'. The Dow Jones consensus estimate stands at 210,000. Market participants on Kalshi are largely predicting a figure below this estimate. Becky Quick, Joe Kernen, and Andrew Ross Sorkin will dissect the numbers and their immediate market impact.
- Housing Starts: Also due at 8:30 a.m. ET on 'Squawk Box'. The consensus forecast is 1.42 million. CNBC's Diana Olick will be analyzing the data and its effect on premarket stock activity.
Housing Sector Watchlist
Several homebuilder stocks are showing weakness, reflecting broader market concerns in the sector. Toll Brothers is down 19% from its February high, Hovnanian has fallen 40% since September, Taylor Morrison is off 21% from its September high, Lennar has dropped 40% from its September high, and PulteGroup is down 20% from its February high. All these companies have experienced declines in May and have posted losses over the past month and three months, with double-digit percentage drops.
Corporate Earnings and Executive Insights
- Walmart: Set to report earnings before the market opens. The stock reached a high on Tuesday and has gained 6% in the last three months.
- Deere: Also reporting before the bell. Shares are down 17% from their February high and have lost 15% over the past three months.
- Stellantis: CEO Antonio Filosa will be a guest on "Squawk on the Street" during the 10:30 a.m. ET half-hour. The automaker's stock is down 38% from its December high and has fallen about 31% year to date.
- Spotify: Co-CEO Gustav Soderstrom will join "Halftime Report" on Thursday. The streaming giant's stock is down 45% from its June 2025 high and has declined 20% in the past month.
- Cummins: CNBC TV's Seema Mody will be covering Cummins Investor Day for any breaking news. The industrial company has doubled in value over the past year but has slipped 7% from its May 7 high.
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