Here’s what we are watching as markets kick into gear Thursday.
—S&P 500 futures point to another day of losses, with technology companies leading the way. The broad market gauge on Wednesday dropped to its lowest level since July-end, erasing almost two months of gains. Read our full market wrap here.
—Breaking news. Unemployment claims held steady at a historically high 870,000 last week, suggesting the labor market continues to slowly recover from the pandemic.
—What’s coming up. Federal Reserve Chairman Jerome Powell will testify in Congress for a third day, starting at 10 a.m. And Costco Wholesale will report quarterly earnings after markets close.
Shares in Scripps soared after it won the financial backing of Warren Buffett’s Berkshire Hathaway for its purchase of ION Media.
Photo: Nati Harnik/Associated Press
Market Movers to Watch
Tesla tumbled about 3% in premarket trading, a day after the stock plunged more than 10%. Investors are assessing a litany of woes: there were reports Wednesday of an hour-long network outage. That came on the heels of a disappointing Battery Day event. And Volkswagen is taking aim at Tesla with its all-electric sport-utility vehicle.
E.W. Scripps surged 32% offhours. The TV station owner is nearing a deal to buy closely held ION Media for $2.65 billion, The Wall Street Journal reported. The move has the backing of Warren Buffett’s Berkshire Hathaway, which plans to make an investment in Scripps.
Nikola plunged another 12% ahead of the New York opening bell. The stock had already lost roughly half its value this month. The latest blow came from Wedbush analyst Dan Ives, who forecast that the price would drop to $15 apiece. It closed on Wednesday at $21.15.
Accenture dropped almost 6% ahead of the opening bell, after it reported lower fiscal fourth-quarter revenue and a drop in one measure of its earnings.
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