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DJIA Futures: -86 (-0.3%)
SPX Futures: -33 (-0.7%)
NASDAQ Futures: -197 (-1.3%)
Good morning friends!
Futures are falling as traders remain focused on interest rates.
Let’s get right to it!
Weekly jobs claims fell unexpectedly again last week.
The Labor Department reported 216,000 Americans filed initial claims for unemployment benefits.
That was down by 12,000 from the week before and lower than expectations for claims to rise to 233,000.
It was the lowest level of claims since February.
Continuing claims fell by 36,000 to 1.68 million in the week ending August 26 vs 1.72 million expected.
Unit labor costs during the second quarter were revised higher while worker productivity was revised down.
The Bureau of Labor Statistics reported labor costs rose 2.2% in Q2, up from the first estimate of 1.6%.
That was down from the 3.3% increase in Q1.
The higher costs included a 5.7% increase in hourly compensation.
Q2 productivity increased 3.5%, down from the 3.7% initial estimate and lower than 3.8% expected.
That change included a 0.5% downward revision to output and 0.2% downward revision to hours worked.
GameStop (GME) shares are down 1.9% ahead of the open despite beating Q2 expectations on the top and bottom line.
Here’s how the video game retailer’s results compared to analysts’ estimates:
GameStop’s expenses decreased to 27.7% of net sales vs 34.1% a year ago.
The stock originally jumped in after-hours trading after the results on Wednesday but has since pulled back.
C3.ai (AI) shares are tumbling 13.3% in premarket trade after beating fiscal Q1 expectations but issuing weak guidance.
Here’s how the artificial intelligence software company’s results compared to analysts’ estimates:
For the fiscal second-quarter, C3.ai called for an operating loss between $27 million and $40 million.
That was sharply higher than analysts’ expectations for a $26.6 million loss.
The company also withdrew its forecast to reach non-GAAP profitability by the end of this fiscal year.
The CEO said, “After careful consideration with our leadership and our marketing partners, we have made the decision to invest in lead generation, branding, market awareness, and customer success related to our Generative AI solutions.”