Thursday’s market was shaped by the release of key economic data, including jobless claims and housing starts, following the Federal Reserve’s recent rate hike. Corporate news centered on Take-Two Interactive’s shareholder meeting, generating buzz around ‘Grand Theft Auto VI’, and investor days for software firms Hubspot and Intuit, whose performance, along with the broader tech ETF, indicated a volatile yet recovering sector.
As a pivotal Thursday unfolded on Wall Street, market participants honed in on a confluence of economic indicators and corporate announcements poised to shape trading dynamics. This session followed a significant development: the Federal Reserve's first rate hike since 2023, setting a cautious yet watchful tone for investors.
The morning commenced with crucial economic releases, starting at 8:30 a.m. ET. Jobless Claims data garnered immediate attention, with the Dow Jones consensus estimate projecting 207,000 initial claims. Intriguingly, prediction market Kalshi indicated that a robust 72% of participants anticipated the number to surpass 200,000, with 22% expecting it above 210,000. CNBC's 'Squawk Box', featuring Becky Quick, Joe Kernen, and Andrew Ross Sorkin, was at the forefront of the live analysis.
Concurrently, the August Housing Starts report was unveiled at 8:30 a.m. ET. Analysts had forecast 1.3 million starts, signaling a potential 4.9% increase from the previous month. CNBC TV's esteemed housing correspondent, Diana Olick, was on hand to dissect these figures and their potential ripple effects across the housing market and related equities.
In the corporate arena, Take-Two Interactive (TTWO), the parent company of Rockstar Games, conducted its virtual annual shareholder meeting. While details from the meeting were eagerly awaited, attention was firmly fixed on the much-anticipated release of 'Grand Theft Auto VI', currently scheduled for November 19. Despite an extraordinary journey since 'Grand Theft Auto V's' 2013 debut (transforming from a $17 stock to closing Wednesday at $211.81, an over 1,100% gain), TTWO has faced recent turbulence. The stock is noted as being down 17% in 2026, 14.5% over the last 12 months, and trading 20% off its July 7 high of $265.94. CNBC's Julia Boorstin provided live coverage and insights into the event.
The software sector also held center stage, with Hubspot (HUBS) and Intuit (INTU) hosting their respective investor days. Both companies, though experiencing substantial dips in 2026 (HUBS down 41%, INTU almost 52%), have shown signs of recent resurgence, with HUBS climbing 29% and INTU gaining 13% in the last three months. The broader iShares Expanded Tech-Software Sector ETF (IGV) has navigated a 'wild ride' this year, currently down 0.69% but boasting a 12% gain over the past two months. Notable three-month winners within IGV included Atlassian (up 116%), Docusign (up 58.5%), and Salesforce (up 55%). Conversely, some weaker performers were TeraWulf (down 45%), Core Scientific (down almost 40%), and AppLovin (off 36%). CNBC's Seema Mody tracked these developments closely for investors.
