Key economic data, including jobless claims and housing starts, are set to be released this morning, potentially shaping market sentiment. Additionally, major tech players like Take-Two Interactive, Hubspot, and Intuit are in the spotlight with significant shareholder and investor events.
Investors will be closely monitoring these releases and corporate updates for indications of economic health and sector-specific performance, with particular attention on the volatile software sector.
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Investors are bracing for a potentially active trading session as crucial economic indicators and significant corporate events are set to influence market direction. Following the Federal Reserve's recent interest rate hike, the focus now shifts to incoming data that could provide further clues on the economic outlook.
Economic Data on Deck:
- Jobless Claims: The weekly initial jobless claims report, due at 8:30 a.m. ET on "Squawk Box," is a key watchpoint. The Dow Jones consensus estimate stands at 207,000. Prediction markets suggest a leaning towards a figure above this estimate, with 72% anticipating more than 200,000 claims and 22% expecting over 210,000.
- Housing Starts: Also scheduled for release at 8:30 a.m. ET is the August housing starts data. Economists predict a 4.9% increase from the previous month, reaching 1.3 million starts. CNBC's Diana Olick will be on hand to dissect the implications for the housing market and related stocks.
Tech Sector Spotlight:
- Take-Two Interactive (TTWO): The video game developer, renowned for its Grand Theft Auto franchise, is holding its annual shareholder meeting. With "Grand Theft Auto VI" slated for release on November 19th, the market will be watching for any updates. Despite a historical surge since its IPO, TTWO has seen a 17% dip in 2026 and is currently down 14.5% over the past 12 months, trading 20% below its July 7th high. The company's stock was a mere $17 at the launch of "Grand Theft Auto V" in 2013, contrasting with its current closing price of $211.81. CNBC's Julia Boorstin will provide coverage.
- Software Companies: Hubspot (HUBS) and Intuit (INTU) are also hosting investor days. HUBS has experienced a 41% decline in 2026 but has rallied 29% in the last quarter. INTU has seen a steeper fall of nearly 52% in 2026, though it has managed a 13% gain over the past three months.
Software Sector Performance: The iShares Expanded Tech-Software Sector ETF (IGV) has been volatile, currently down 0.69% year-to-date. However, it has recorded a 12% increase in the past two months. Notable performers within the ETF over the last three months include Atlassian (+116%), DocuSign (+58.5%), and Salesforce (+55%). Conversely, softer performers include TeraWulf (-45%), Core Scientific (-40%), and AppLovin (-36%). CNBC's Seema Mody will be tracking these developments.
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