In the early hours of Thursday, US benchmark equity indices exhibited a predominantly bearish trend as traders prepared for the imminent release of weekly jobless claims data. The Standard & Poor's 500 and the Dow Jones Industrial Average each fell by 0.2% before the opening bell, while the Nasdaq managed to show a slight advance of 0.1%.
Across the globe, Asian exchanges displayed a mixed to downward sentiment, with European markets likewise trending lower. The stock market in the United States witnessed a rebound on Tuesday following a dramatic selloff on Monday that was instigated by recessionary concerns. However, the market’s performance on Wednesday, coupled with the pre-market activities on Thursday, suggests that several factors contributing to Monday's downturn remain prevalent. In pre-market trading, shares of Warner Bros.
Discovery ($WBD) took a significant hit, plummeting approximately 13% after the media and entertainment titan reported a year-over-year widening of its second-quarter losses. Meanwhile, Monster Beverage ($MNST) saw a decline of 8.3%, attributed to lower-than-anticipated second-quarter performance for the energy drink company.
In contrast, Occidental Petroleum ($OXY) and Robinhood Markets ($HOOD) enjoyed modest gains, rising by 1.1% and 1.7%, respectively. As early Thursday unfolds, notable companies such as Eli Lilly ($LLY), Brookfield ($BN), Parker-Hannifin ($PH), Datadog ($DDOG), Vistra ($VST), Restaurant Brands International ($QSR), Endeavor Group ($EDR), TKO Group ($TKO), Under Armour ($UAA), and Kohl's ($KSS) are set to announce their latest quarterly results.
After the market closes, earnings will also be revealed from significant players like The Trade Desk ($TTD), Take-Two Interactive Software ($TTWO), News Corp. ($NWS, $NWSA), and Paramount Global ($PARA, $PARAA). On the economic front, the weekly jobless claims report is scheduled for release at 8:30 am ET, which will be followed by a comprehensive report on wholesale inventories for June at 10 am.
Additionally, traders anticipate the release of the weekly Energy Information Administration (EIA) report on domestic natural gas supplies at 10:30 am. At 3 pm, Federal Reserve Bank of Richmond President Thomas Barkin is slated to deliver remarks, which may provide further insight into the Fed's perspective amidst ongoing economic fluctuations. Before the market opens, cryptocurrency enthusiasts noted a 4.6% rally in bitcoin, with prices reaching $57,404.
In the commodities realm, West Texas Intermediate crude oil experienced a slight drop, slipping by 0.2% to settle at $75.11 a barrel. Additionally, yields on 10-year Treasuries decreased by 4.6 basis points, now standing at 3.92%, while gold prices experienced an uptick of 0.4%, rising to $2,442 an ounce..