U.S. stock-index futures hold solid losses after initial jobless claims come in at 184,000.
At 8:34 a.m. ET, Dow e-minis were down 168 points, or 0.47%, S&P 500 e-minis were down 21 points, or 0.45%, and Nasdaq 100 e-minis were down 80.5 points, or 0.49%.
Weekly jobless claims reached tumbled last week, reaching a fresh 52-year low as the U.S. jobs market climbs out of its pandemic-era hole, the Labor Department reported Thursday.
Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000.
Initial claims for unemployment insurance were expected to total 211,000 for the week ended Dec. 4, according to a Dow Jones economist survey.
Meanwhile, a deal to avert U.S. debt default and raise the federal government's $28.9 trillion debt limit will be tested on Thursday in the Senate when the full chamber votes on whether to approve the measure.
Stocks making the biggest moves premarket:
GameStop(GME) – GameStop shares slid 5.6% in premarket trading after the videogame retailer posted a wider loss compared with a year earlier and also disclosed an August subpoena from the SEC involving the trading of its shares.
Lucid Group(LCID) – Lucid shares tumbled 6.5% in the premarket after the electric vehicle maker announced a $1.75 billion offering of convertible senior notes.
FuboTV(FUBO) – The video streaming company was rated “overweight” in new coverage at J.P. Morgan Securities, based on Fubo’s sports-centered offerings as a differentiating factor. The stock jumped 2.8% in premarket action.
CVS Health(CVS) – The drug store operator issued new guidance ahead of its investor day, saying it expects a 2022 adjusted profit of $8.10 to $8.30 per share compared with an $8.24 consensus estimate and better-than-expected revenue. CVS also raised its 2021 outlook, and the shares rallied 2.6% in the premarket.
Hormel(HRL) – The food producer beat estimates by a penny with quarterly earnings of 51 cents per share, and revenue that also topped Wall Street forecasts. Hormel saw double-digit growth across all of its business segments, and shares rose 1% in premarket trading.
RH(RH) – The company formerly known as Restoration Hardware reported adjusted quarterly earnings of $7.03 per share, 40 cents above estimates, while the luxury home furnishings retailer’s revenue beat forecasts. RH also lifted the low end of its revenue outlook. RH surged 11% in premarket action.
Rent The Runway(RENT) – Rent The Runway tumbled 8.2% in the premarket after the fashion rental company posted a loss that was wider than a year ago and reported subscriber numbers that have not yet returned to pre-pandemic levels. Sales did surge 66% over the same quarter a year ago.
Apple(AAPL) – Apple won an appeals court decision that delays changes to its App Store. An earlier ruling had ordered Apple to allow developers to offer payment alternatives outside of the App Store, stemming from its legal dispute with “Fortnite” developer Epic Games. Separately, Apple is closing in on a $3 trillion valuation, which will be achieved when the share price hits $182.86.
Amazon(AMZN) – Italy's antitrust said on Thursday it had fined e-commerce giant Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance.
AstraZeneca(AZN) – The drug maker’s Covid-19 antibody treatment won FDA approval for patients who cannot achieve adequate protection from vaccination.
LabCorp(LH) – The medical lab operator announced a number of steps to enhance shareholder value, including the initiation of a dividend in the second quarter of 2022 and the authorization of a $2.5 billion share repurchase program.
UiPath(PATH) – UiPath stock dropped 1.5% in premarket trading even as the “software robots” provider’s quarterly results topped Wall Street expectations.
Yum Brands(YUM) – The parent of KFC, Pizza Hut and Taco Bell was upgraded to “overweight” from “neutral” at Atlantic Equities, which sees the possibility of rising returns from the restaurant chain and calls Yum its favored name in the quick-service restaurant category. Yum rose 1% in the premarket.
Pear Therapeutics(PEAR) – Pear Therapeutics shares soared 30% in premarket trading.Prescription digital therapeutics company Pear Therapeutics began trading on Nasdaq Monday after wrapping up its merger with special-purpose acquisition company Thimble Point Acquisition Corp. last week.
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