EQUITY NEWS: Peloton plunges, Tesla stock split and GDP revision signal recession


US stock futures were trading higher ahead of major economic reports. Major futures indices point to a 0.5% gain when the opening bell rings on Wall Street.

Oil prices pared their gains on Thursday.

West Texas Intermediate crude was trading around $94.00 a barrel. Brent crude was around $101.00 a barrel.

The Commerce Department will release its second estimate of 2Q GDP. Refinitiv forecasts a seasonally adjusted annual decline of 0.8%.

The Labor Department will release its tally of new jobless claims for the past week, indicating a tight job market that continues to cool. Expectations are for 253,000, up slightly from the previous week.

The Federal Reserve’s annual economic symposium begins Thursday at a lodge in Grand Teton National Park. Fed Chairman Jerome Powell will deliver a speech on Friday.

Salesforce shares are down 5% in premarket trading after the company cut its full-year revenue forecast below market estimates

Shares of Snowflake jumped 17% in premarket trading after the data software company easily beat revenue expectations for its latest quarter.

In Asia, Japan’s benchmark Nikkei 225 edged up 0.6%, Hong Kong’s Hang Seng jumped 3.6%, after trading was delayed earlier due to a storm. China’s Shanghai Composite rose 0.9%.

On Wall Street, the S&P 500 edged up 12.04 points, or 0.3%, to 4,140.77. The Dow Jones Industrial Average added 59.64, or 0.2%, to 32,969.23, and the Nasdaq composite rose 50.23, or 0.4%, to 12,431.53.


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