In a noteworthy trading session, the S&P 500 reached a new record, prompting attention from CNBC TV’s producers. As the market closes today, all eyes are on several high-profile companies set to report their performance in the coming sessions.
McDonald’s is poised to share its quarterly results early Thursday morning. Coverage will be featured on “Squawk Box” with hosts Becky Quick, Andrew Ross Sorkin, and Joe Kernen. A special report from CNBC’s Eunice Yoon will focus on McDonald’s operations in China, where the fast-food giant’s shares have experienced a decline of 13% over the past three months and are down 17% from their March peak.
In other news, Corning announced it will build three new factories dedicated to manufacturing optical technologies for Nvidia. This development spurred a significant rise in Corning’s stock, which closed 12% higher on Wednesday, marking a substantial gain of 20% during the session. Nvidia also saw a notable increase of nearly 6% despite being down about 4% from its April highs. Both companies’ CEOs, Jensen Huang from Nvidia and Wendell Weeks from Corning, are expected on “Mad Money” with Jim Cramer Thursday.
Citigroup’s CEO, Jane Fraser, will appear on “Money Movers” to discuss the banking giant’s performance amid its Investor Day events on Thursday. Citigroup’s stock has risen 9% year-to-date but remains down 5.6% since April 21.
Economic data continues to stir discussions among investors. The most recent ADP private payroll report for April exceeded expectations with a reported gain of 109,000 jobs. However, economists caution that the report reflects a trend of increasing low-paying, part-time positions. Jobless claims data will be released on Thursday morning at 8:30 a.m., with anticipated initial claims around 206,000.
Prediction markets are buzzing with speculation ahead of the big jobs report due on Friday, with varying expectations regarding job creation figures.
Block, the payment services company formerly known as Square, will also report earnings after the market closes. The stock has surged 26.5% in the last three months but is down 14% from its August peak. CEO Jack Dorsey’s plans to reduce staff significantly while enhancing operational efficiency through artificial intelligence have captured investor attention. Since the announcement of layoffs in February, Block’s stock has rebounded by 36%.
CoreWeave, an AI cloud service company, will release its earnings following the bell as well. The firm’s shares have appreciated by 53% over the past three months but have seen a 26% drop since June.
Investors are also keenly awaiting consumer expectations data slated for release at 11 a.m. This will offer insights into the spending habits of American consumers. The State Street SPDR S&P Retail ETF has experienced a modest rise of 4% over the past month but has diminished by over 2% since the onset of the Iran war, during which gasoline prices have surged.
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