Stock futures steady as rally awaits new catalyst: Stock market news today

Stocks ended the day higher and the S&P 500 (^GSPC) entered a bull market on Thursday as investors digested fresh economic data ahead of next week’s Federal Reserve meeting and a leadership reshuffle. from GameStop (GME).

The S&P rose 0.62% while the Nasdaq Composite (^IXIC) jumped 1.02% and the Dow Jones Industrial Average (^DJI) rose 0.50%, or 168 points. The S&P 500 is now up more than 20% from its October 2022 lows.

The Nasdaq 100 ended a four-day winning streak on Wednesday as the artificial intelligence-infused rally appears to have come to a halt. The S&P 500 has been chasing bull market territory all week, requiring a close above 4,292.44.

In one-off stock moves, meme stock favorite GameStop reported first-quarter results and announced the layoff of CEO Matthew Furlong as part of the exit. GameStop Chairman of the Board, Ryan Cohen, has been named Executive Chairman. Financially, GameStop’s first quarter was worse than Wall Street had hoped, with revenue of $1.24 billion falling short of analysts’ expectations of $1.4 billion.

The company did not hold an earnings call, usually an industry standard, to explain its quarterly results or the management reshuffle. Shares of the company fell 18% at market open Thursday.

“We remain convinced that GameStop is doomed, with a decline in physical software sales and a shift in sales to subscription services and digital downloads sealing its fate,” Wedbush’s chief executive wrote Thursday, Michael Pachter, in a note to clients. “While we believe the chain could have some value if managed with the aim of reaping profits, we don’t see a turnaround on the horizon without competent management.”

Meanwhile, shares of Carvana (CVNA) soared on Thursday as the company announced an improved second-quarter outlook. The company forecast adjusted EBITDA of $50 million for the second quarter. Analysts had expected a loss of $3.6 million, according to Bloomberg. Carvana stock gained more than 57% on the news.

The story continues

Amazon (AMZN) helped drive the technology forward with shares up nearly 3%. UBS analysts wrote in a note to clients that the tech giant’s AI efforts could significantly boost Amazon Web Services revenue by the fourth quarter of this year.

Warner Brothers Discovery (WBD) is one of the biggest gainers in the S&P 500 with a rise of almost 7% on Thursday. Shares are now up more than 20% over the past week. It comes as CNN chief Chris Licht left the company on Tuesday after a tumultuous time on the network, which included mass layoffs, a failed foray into streaming with CNN+ and historically low ratings.

On the economic front, new data from the Department of Labor showed that 261,000 unemployment claims were filed in the week ending June 3. Economists polled by Bloomberg expected 235,000 claims. Thursday’s report marks an increase from the previous week’s 233,000 claims.

While not considered a major indicator on a weekly basis in Fed decision-making, this week’s jobless claims will be one of the last economic data points for the Federal Reserve before the Fed’s meeting. Federal Open Market Committee due to begin next Tuesday. On Thursday morning, markets are pricing a 65% chance that the Federal Reserve will suspend its historic interest rate hike campaign at this meeting, by the CME tool FedWatch.

Josh is a reporter for Yahoo Finance.

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