Eddie Ghabour, the co-founder of Key Advisors Group LLC, provides insight into how the ‘fragile’ economy will impact the markets.
Here are the key events taking place on Thursday that could impact trading.
GDP: the Commerce Department will release its second estimate of 1Q GDP. The Refinitiv forecast is for a seasonally adjusted annual contraction of 1.3%. That’s a slight improvement from the advance estimate of -1.4%, but a big reversal from the 7.0% growth rate in the fourth quarter.
A United Auto Workers assemblyman installs the front doors on a Ford F-150 truck being assembled in Dearborn, Mich. (AP Photo/Carlos Osorio, File) ((AP Photo/Carlos Osorio, File) / AP Newsroom)
JOBLESS CLAIMS: The Labor Department releases its tally of new claims for unemployment benefits for last week. Expectations are for 215,000, little-changed from 218,000 the previous week and holding at pre-pandemic levels.
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PENDING HOME SALES: The National Association of Realtors is out with its index of pending home sales for April. Economists surveyed by Refinitiv are looking for a decline of 2%, the sixth straight monthly drop as buyers contend with rising borrowing costs.
WILLIAMS-SONOMA: The company reported better-than-expected first-quarter earnings on higher sales at its Pottery Barn and West Elm stores and improved margins. Shares rose 16% in after-hours trading Wednesday, following a 9% increase in the regular trading session.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WSM | WILLIAMS-SONOMA INC. | 114.85 | +9.43 | +8.95% |
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RETAIL EARNINGS: In the morning, department store Macy’s and discount retailers Dollar General and Dollar Tree will release quarterly results. After the closing bell, the focus turns to big-box retailer Costco, as well as Gap, Ulta Beauty and American Eagle Outfitters.
