Menu Close

Chewy Drops, ChargePoint Pops — And What Else Is Happening in the Stock Market Thursday

This post was originally published on this site

Stocks were set for a higher open on Thursday, as markets awaited Friday’s jobs report and initial jobless claims beat expectations. 

Futures on the Dow Jones Industrial Average gained 63 points, or 0.2%, while S&P 500 futures rose 0.2% and Nasdaq Composite futures advanced 0.3%.

Investors have their eyes on the Bureau of Labor Statistics’ Friday jobs report. Economists are expecting the U.S. to have added 720,000 jobs during August. A number stronger than that would indicate a strengthening economy as fears of the damage of the Covid-19 Delta variant’s spread subside. But a result too far above expectations could prompt concerns that the Federal Reserve will reduce economic support rather quickly. 

“Stock markets are treading water once more as we near the end of the week and the highly anticipated US jobs report,” writes Craig Erlam, senior market analyst at Oanda. 

Meanwhile, initial jobless claims beat expectations, coming in at 340,000, a pandemic low and better than estimates of 345,000 claims. 

Here are five stocks making moves in Thursday’s premarket action:

Chewy (ticker: CHWY) fell 9.9% after reporting a loss of 4 cents a share, worse than estimates of a loss of 1 cent a share, on sales of $2.16 billion, below expectations for $2.17 billion.

Okta (OKTA) stock dropped 1.4% after reporting a loss of 11 cents a share, better than estimates for a loss 35 cents a share, on sales of $315 million, above expectations for $295 million. 

Five Below (FIVE) stock fell 8.6% after reporting a profit of $1.15 a share, beating estimates of $1.11, on sales of $646 million, which were below expectations of $658 million. 

ChargePoint Holdings (CHPT) stock gained 15.5% after reporting a loss of 29 cents a share, worse than estimates of a loss of 13 cents a share, on sales of $56 million, above expectations for $49 million. 

Unilever (UL) stock dropped 2.6% after getting downgraded to Underweight from Neutral at JPMorgan.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com