BY THE NUMBERS
U.S. stock futures bounced Thursday, one day after the Nasdaq finished in correction territory, down more than 10% from its record high close in November. Tech stocks have been under heavy pressure lately as rising bond yields make it more expensive for companies to borrow to fund growth. (CNBC)
Ahead of the new trading day, the Dow Jones Industrial Average was riding a four-session losing streak and the S&P 500 has dropped three out of the last four days. The Dow and S&P 500, at the end of Wednesday's trading, were down nearly 5% and almost 6%, respectively, from their record closes this month. (CNBC)
Weekly initial jobless claims increased to 286,000 to the highest level since October. The latest reading was much higher than estimates and up 55,000 from the previous week's revised level. (CNBC)
Shares of Netflix (NFLX), down 26% from their all-time high in November, rose nearly 1% in Thursday's premarket. The video streaming giant is set report fourth-quarter results after the bell. Netflix typically beats Q4 earnings expectations. However, some Wall Street analysts anticipate weaker results this time. (CNBC)
IN THE NEWS TODAY
American Airlines (AAL) shares rose 1% in the premarket after the carrier reported Thursday morning a fourth-quarter adjusted loss of $1.42 per share. Analysts had expected a bigger $1.48 per-share loss. Revenue of $9.43 billion was also better than estimates. For the first quarter, as Covid cases spike, American expects revenue to be off up to 22% from the same period of 2019 when it generated $10.6 billion in sales. (CNBC)
After the bell Wednesday, United Airlines (UAL) delivered a narrower-than-expected adjusted loss of $1.60 per share for the fourth quarter. Revenue of $8.19 billion was also better than expected, thanks to strong holiday bookings. While a surge in Covid cases due to the omicron variant hurt bookings in the near term, the carrier sees a stronger spring and summer. United shares were modestly lower in the premarket. (CNBC)
White House chief medical advisor Dr. Anthony Fauci said the Food and Drug Administration could approve Pfizer and BioNTech's Covid vaccine for children under 5 years old in the next month. Younger children will likely need three doses, because two shots did not induce an adequate immune response in 2- to 4-year-olds in Pfizer's clinical trials, Fauci said Wednesday. (CNBC)
* Prior Covid infection more protective than vaccination during Delta surge, U.S. study says (Reuters)
* GOP and Democratic governors reimpose Covid emergency orders to combat omicron surge (CNBC)
President Joe Biden said he expects Russian President Vladimir Putin to order an invasion of Ukraine and warned that a "disaster" awaits Russia if that were to happen. U.S. Secretary of State Antony Blinken met with Ukraine President Volodymyr Zelenskyy in Kyiv earlier this week. Blinken is set to meet with Russian Foreign Minister Sergey Lavrov in Geneva on Friday. (CNBC)
* Biden approval hits new low at 1-year mark, according to AP-NORC poll
The Senate on Wednesday night blocked a sweeping pair of voting rights bills and stymied proposed changes to the chamber's rules after months of wrangling over how far Congress needs to go to protect U.S. democracy. (CNBC)
The Supreme Court rejected a request by former President Donald Trump to block White House records from being sent to a House select committee investigating the Jan. 6 Capitol riot. The ruling, which Trump cannot appeal, sets the stage for more than 700 pages of Trump White House records to soon be sent by the National Archives to the committee, which had issued a subpoena for them. (CNBC)
STOCKS TO WATCH
Dow stock Travelers (TRV) reported a quarterly profit of $5.20 per share, well above the $3.86 consensus estimate, with revenue also beating analyst forecasts. Travelers benefited from stronger results in investment income and underwriting. The stock added 2.5% in the premarket.
Signet Jewelers (SIG) saw its stock surge 5.9% in the premarket after the retailer said total holiday season sales rose 30.4% and same-store sales jumped 25.2%.
Ford (F) lost 2% in the premarket after Jefferies downgraded the automaker's stock to "hold" from "buy." Jefferies said the optimism over Ford's electric vehicle plans drove the stock higher than was justified and left very little potential upside.
Regions Financial (RF) tumbled 4.9% in premarket trading after it reported lower-than-expected quarterly earnings, with revenue matching analyst estimates.
Electronic Arts (EA) could be the next attractive target in the gaming sector following Microsoft's (MSFT) deal to buy Activision Blizzard (ATVI), according to a column in today's Financial Times. Electronic Arts rose 1% in the premarket.
Discover Financial Services (DFS) reported a quarterly profit of $3.64 per share, 5 cents below estimates, with revenue also falling short of analyst forecasts. The stock fell 3% in the premarket.
Alcoa (AA) reported adjusted quarterly earnings of $2.50 per share, beating the $1.90 consensus estimate, with revenue essentially in line with expectations. Alcoa benefited from rising aluminum prices, and its stock added 1.9% in the premarket.
Casper Sleep (CSPR) surged nearly 13% in premarket trading after shareholders approved a deal to take the mattress company private. The transaction is expected to be completed next week.
Amazon (AMZN) is launching an apparel store, called Amazon Style, the company announced Thursday. The first location, based in the Los Angeles suburb of Glendale, California, will open later this year. Amazon has experimented with physical retail formats in grocery and books, but it has never sold clothing or shoes at those stores. (CNBC)