Thursday’s trading session is set for significant market movement driven by key economic data, including jobless claims, durable goods, and GDP figures. Investors will also digest a round of corporate earnings from companies like Darden Restaurants, McCormick, Winnebago, BlackBerry, and Micron Technology. Additionally, major banks such as Goldman Sachs, Morgan Stanley, Wells Fargo, and JPMorgan Chase are raising their dividends following stress test results, while CNBC provides live market coverage from the Cboe.
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Key Economic Data on Deck
Thursday morning's trading session is poised to be heavily influenced by a slate of significant economic releases. At 8:30 a.m. ET, investors will be closely watching initial jobless claims, with the Dow Jones consensus estimate at 223,000. Following closely will be durable goods data, which economists polled by Dow Jones anticipate will show a drop of 4%. The third reading of real gross domestic product is also due, with a Dow Jones consensus call for 1.7%. Adding to the economic focus, Treasury Secretary Scott Bessent indicated confidence in a return to 3% growth by year-end. Furthermore, the personal consumption expenditures price index for May will be released, with Dow Jones consensus estimating a 0.5% month-over-month increase and a 4.1% year-over-year gain.
Morning Earnings Spotlight
Several key companies are scheduled to report earnings before the market opens. Darden Restaurants, the hospitality giant behind popular chains like Olive Garden and LongHorn Steakhouse, has seen its shares rise over 6% in the past three months. McCormick, the renowned spice and seasoning maker, will also report. Despite its iconic status, the company's stock has fallen more than 8% in three months and is currently 39% below its June 2025 high. Winnebago, the recreational vehicle manufacturer, is also set to release its earnings, with shares down 22% in the last quarter.
After-Hours Earnings and Tech Buzz
The post-market session will feature notable earnings from BlackBerry, now a software-focused company, which has seen a remarkable surge of approximately 167% in three months, though it has pulled back 20% from its recent June 4 high. FedEx Freight will also report, with details expected to follow its parent company's Tuesday night release. Micron Technology, the semiconductor giant, reported strong earnings Wednesday evening, with its stock jumping 16% in extended trading. CEO Sanjay Mehrotra highlighted that supply shortages in memory and storage will take considerable time to resolve, even as industry supply is expected to improve gradually by 2028. Micron's stock has climbed nearly 40% in the past month. Qualcomm also experienced a post-hours boost of 13% following its investor day, where the company projected non-handset revenue to nearly double to $40 billion by 2029. CEO Cristiano Amon expressed confidence in the company's comprehensive portfolio for the next phase of the data center market.
Banks Raise Dividends Post-Stress Test
Following the recent stress test results, several major banks announced dividend increases. Goldman Sachs is raising its dividend from $4.50 to $5 per share, even as its stock is down 4.2% from last week's high but up nearly 30% in three months. Morgan Stanley is boosting its dividend from $1 to $1.15 per share, with shares up about 33% in three months and down 4% from last week's peak. Wells Fargo is increasing its dividend from 45 cents to 50 cents per share, with shares up 10% in a month but off 14% from their January high. JPMorgan Chase is raising its dividend from $1.50 to $1.65 per share and announced a significant $50 billion repurchase program, with shares up 11.4% in June but down 1% from last week's high.
CNBC Live from the Cboe and Nuclear Energy Focus
CNBC's "Power Lunch" and "The Exchange" will provide live coverage from the options pit at the Cboe on Thursday afternoon, underscoring the network's expanding options market coverage. Cboe Global Markets shares have declined 33% from their May high, while CME Group shares are down 30% from their March high. In the realm of nuclear energy, CNBC's Pippa Stevens will report from the Idaho National Laboratory, visiting a new reactor. Major nuclear players Vistra and Constellation Energy have seen their stocks fall 26% and 35% from their respective September and October highs. The Global X Uranium ETF (URA) is also down 28% from its January high.
