This Thursday’s trading session is poised for volatility with crucial U.S. economic data releases, including jobless claims and retail sales, due at 8:30 a.m. ET. Investors will also be watching Applied Materials’ earnings report after market close. Global markets face attention with rising British bond yields and potential shifts in cryptocurrency regulation discussions in the U.S. Senate.
Traders are bracing for a busy Thursday as key economic data and significant corporate earnings are set to influence market direction. Investors will be closely monitoring weekly jobless claims and April retail sales for clues about the health of the U.S. economy. Meanwhile, semiconductor giant Applied Materials is set to report its quarterly results, potentially moving the needle for the tech sector.
Key Economic Indicators to Watch:
- Jobless Claims: The latest figures for initial jobless claims are expected at 8:30 a.m. ET. Consensus estimates point to 205,000, a slight increase from the previous week's 200,000. Prediction markets suggest a figure well below 250,000. This data will be a focal point on "Squawk Box."
- Retail Sales: Also released at 8:30 a.m. ET, April's retail sales data is anticipated to show a gain of 0.5%. While 68% of participants on Kalshi expect a figure above 0.4%, only 27% predict a rise above 0.6%. This report will also be featured on "Squawk Box."
Corporate Earnings:
- Applied Materials (AMAT): The semiconductor services company will release its earnings after the market close. AMAT shares have climbed an impressive 23% over the last three months, hitting a new high on Monday. Investors will be looking for insights into the company's performance and future outlook.
Global Market Currents:
- British Bonds and Politics: The yield on the British 10-year gilt has surpassed 5%, reaching levels not seen since 2008. This rise is partly attributed to new pressures on Prime Minister Keir Starmer following disappointing local election results for the Labour Party. The iShares MSCI United Kingdom ETF (EWU), comprising top British stocks, has seen a 2% dip in the past month, although it remains up 22% year-to-date.
Upcoming Market Events:
- IPO: Cerebras, AI Chipmaker, to Debut: Cerebras, a company specializing in artificial intelligence chips, is scheduled to begin trading on the Nasdaq. CEO Andrew Feldman will be a guest on "Squawk Box."
- Crypto Legislation in the Senate: The Senate Banking Committee will deliberate on significant legislation that could permit crypto companies to offer interest-bearing accounts on certain cryptocurrencies, including stablecoins. This move faces opposition from the banking sector but is favored by crypto proponents as it could stimulate investment. Bitcoin has seen an 8% gain in the past month, while Ether has remained flat.
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