Dow Jones Futures Fall Ahead Of Jobless Claims; AI Stock C3.ai Plunges On Earnings
First-time jobless claims for the week ending December 2nd are expected to increase to 222,000 compared to the previous week’s figure of 218,000. The data is set to be released at 8:30 a.m. ET.
Despite posting a smaller-than-expected adjusted loss for its fiscal second quarter, C3.ai’s stock plummeted by 10%. The company’s shares were negatively impacted by lower-than-expected revenue growth and a sales outlook that fell short of Wall Street’s expectations.
Several other companies, such as Chewy, Ciena, Dollar General, GameStop, and Veeva Systems, also reported key earnings results. Chewy’s shares dropped by nearly 11%, while Ciena’s stock rose by 2% in early trading. Dollar General saw a rise of almost 3% in its stock value, while GameStop experienced an 8.5% decline. Finally, Veeva Systems saw a decline of 2.4% in premarket trading.
Prior to the opening bell, Dow Jones futures fell by 0.2% compared to fair value, while S&P 500 futures slightly increased by less than 0.1%. Tech-heavy Nasdaq 100 futures rose by 0.25%.
The yield on the 10-year U.S. Treasury bond ticked up to 4.15% on Thursday morning. Oil prices also experienced a modest increase, aiming to break a five-day losing streak. West Texas Intermediate futures rose by nearly 1%, although they still remain below $70 a barrel, the lowest level since late June.
On Wednesday, all three major stock indexes (Dow Jones Industrial Average, S&P 500, and Nasdaq composite) closed at their lowest points of the day, with the Nasdaq experiencing resistance near 14,500.
Boeing, UnitedHealth, Visa, Amazon, AMD, Cloudflare, and Eli Lilly are some of the stocks to watch, as they approach or remain within buy points or handle entries.
Lastly, among the so-called “Magnificent Seven” stocks, Tesla and Nvidia saw small gains in early trading. In contrast, Nvidia slid on Wednesday, closing at its 50-day line, while Tesla remained above its 50-day line, which is a crucial support level to monitor.