Futures are down ahead of a second day of testimony from Federal Reserve Chairman Jerome Powell on Capitol Hill. New jobless claims fell to 360,000 last week from 386,000 the prior week. Here’s what we’re watching ahead of Thursday’s trading action.
- Morgan Stanley MS 0.09% shares slipped 1.2% premarket. The bank said second-quarter profit rose 10% from a year earlier, thanks to a boost in fees from deal making and advising wealthy clients.
- Blackstone BX 3.11% gained 2.1% in premarket trading after striking a deal to manage a swath of assets backing AIG’s life-insurance policies and annuities. It is big step by the private-equity firm toward becoming a major player in the insurance industry. AIG AIG 2.48% shares jumped 5.4%.
- Bank of New York Mellon BK -2.12% reported a 9.9% rise in second-quarter profit. Shares fell 4% premarket.
- NortonLifeLock NLOK -4.31% lost 3% before the open after The Wall Street Journal reported that the company is in talks to buy cybersecurity firm Avast. Avast investors liked what they saw: Shares leapt 17% in London.
Prague-based Avast primarily makes free and premium security software, offering desktop and mobile-device protection.
Photo: david w cerny/Reuters
- U.S. Bancorp USB 2.42% logged a larger profit in the latest quarter. The bank also reclaimed funds it had set aside for credit losses due to the pandemic. Shares ticked up 0.8%.
- Is the steam coming out of meme stocks? AMC Entertainment, AMC 9.66% one favorite of the Reddit trading crowd, lost 5.3% premarket. If matched once trading begins, the stock would extend a decline of 43% over the past month. GameStop GME 0.32% and BlackBerry BB 1.88% shares have both dropped by almost a quarter in that time.
- UnitedHealth UNH -0.78% said more people who deferred medical care during the pandemic are heading back to their doctors—a trend that weighed on the company’s profits in the latest quarter compared with a year ago. Shares ticked down 0.5%.
- Johnson & Johnson JNJ -1.39% is recalling most of its Neutrogena and Aveeno spray sunscreens from U.S. stores after detecting benzene, a potentially cancer-causing chemical, in some samples. Its shares slipped 0.6% premarket.
- Netflix NFLX 0.74% shares rose 2%. The streaming company, which reached a licensing deal over animated films with Universal this week, has been on a tear of late, gaining 11% for the month through Wednesday.
- Oil prices extended a recent drop. Brent, the benchmark, fell 1.5% to $73.65 a barrel a day after U.S. government data showed an unexpected rise in gasoline supplies.
Chart of the Day
- Energy companies are raising money again from Wall Street at superlow borrowing costs, thanks in part to higher oil prices. The one thing most investors don’t want them to do with it: Pump more crude.
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