As the S&P 500 celebrates its third consecutive day of gains, Wall Street is buzzing with anticipation for the catalysts expected to shape the upcoming trading session. From insights from influential investors to crucial corporate earnings and key economic data, here’s a deep dive into the stories set to move the market.
Bill Ackman's Market Outlook
Tune in to 'Squawk on the Street' at 11 a.m. ET as renowned investor Bill Ackman joins Sara Eisen and Carl Quintanilla. Ackman is slated to discuss a wide range of pertinent topics, including the implications of the U.S. midterms, the impending election in Israel, and a broader perspective on U.S. markets, with a special focus on the transformative potential of artificial intelligence.
Ackman’s portfolio includes tech giants like Microsoft, Meta Platforms, Amazon, and Netflix. Microsoft shares are currently 4% off their October peak but have surged an impressive 34% over the last three months. Meta, despite a 10% dip from its September high, has seen an 8% increase in the past quarter. Amazon is down 8% from its August high, yet it has climbed approximately 6% in just the last three days. Netflix, however, remains significantly off its year-ago high, trading down 50%.
Airline Earnings Take Flight
Airlines are set to report earnings, bringing their CEOs to the forefront. At 7 a.m. ET, American Airlines CEO Robert Isom will be featured on 'Squawk Box' alongside Becky Quick, Joe Kernen, Andrew Ross Sorkin, and airline reporter Phil LeBeau, immediately following the company’s earnings release. American Airlines has experienced a challenging period, with its stock down 20% over three months and 35% from its July peak.
Following suit, Southwest Airlines CEO Bob Jordan is scheduled to join the 'Squawk Box' team at 8 a.m. ET, after his company also reports earnings. Southwest shares have fallen 18% in the last three months and are 27% below their February high.
Economic Spotlight: Initial Jobless Claims
A critical piece of economic data will drop live at 8:30 a.m. ET: weekly initial jobless claims. The Dow Jones consensus estimate points to 200,000 new claims, a figure closely watched by economists and investors for insights into the labor market's health.
Elon Musk's Empire: Tesla and SpaceX
CNBC’s Lora Kolodny will provide an in-depth analysis of both Tesla and SpaceX on Thursday, following their recent earnings reports. Tesla's stock is down 22% from its December 22 high but has rallied about 9% in the last three days. Despite beating earnings expectations on Wednesday, the electric vehicle maker noted that capital expenditures more than doubled year-over-year. On the intriguing possibility of a merger between SpaceX and Tesla, CEO Elon Musk remarked, "Do I think it would be a good idea? Yes. But at the end of the day, the shareholders have to be supportive of this." Tesla shares saw a 3% decline in after-hours trading. SpaceX, which reported on Tuesday, has also seen its stock climb 9% in three days.
Boston Beer Reports After the Bell
Boston Beer Company is slated to release its earnings report after the closing bell on Thursday. The company’s stock has shown resilience, rising 6% over the past three months, though it remains 31% off its April high.
Stay tuned to CNBC for comprehensive coverage throughout the day as these stories unfold and impact the market.
