The S&P 500 and the Nasdaq Composite opened higher amid another wave of earnings reports and as jobless claims held steady. Here’s what we’re watching in Thursday’s trading:
- Nvidia posted another quarter of record sales amid supercharged demand for videogaming and data centers.
- Lingerie retailer Victoria’s Secret topped earnings forecasts for the recent quarter.
- Cisco Systems gave a weaker-than-expected outlook for the second quarter.
- Electric-vehicle startups Lucid Group and Rivian Automotive were slipping for a second day after a recent run-up in their stock prices. But heavyweight Tesla was still on the rise.
- Chinese e-commerce giants Alibaba and JD.com were charting separate courses premarket after their earnings reports. JD.com posted a net loss but with higher revenue. Alibaba said its profit fell for the recent quarter due to losses arising from changes in prices for its equity investments in publicly traded companies.
- Department store retailer Kohl’s reported third-quarter record earnings that beat expectations.
- Macy’s said it would evaluate a potential separation of its e-commerce business from its bricks-and-mortar operation, a move that comes amid pressure from an activist investor to spin off the fast-growing segment of the department-store giant’s operation.
- BJ’s Wholesale Club posted stronger-than-expected earnings for its third quarter and said its board has approved a share buyback program of up to $500 million.
- Workers at farm and construction machinery company Deere ratified a new six-year contract Wednesday, ending a strike that lasted over a month.
- Bath & Body Works reported lower earnings and sales in its first quarterly results as a stand-alone business, but said it expects to record higher fourth-quarter earnings than a year earlier.
- Intuit , Workday , Applied Materials , Ross Stores and Palo Alto Networks will give updates after the close.
Chart of the Day
- Banks are spending big on mailers and generous rewards to lure cardholders and get them borrowing again.
Write to James Willhite at [email protected]
