BY THE NUMBERS
U.S. stock futures were mostly lower Thursday, and the 10-year Treasury yield was higher, just over 1.6% ahead of a burst of morning economic data. The market saw modest gains Wednesday, supported by stocks tied to the economic reopening. (CNBC)
The S&P 500 ended less than 1% from its May 7 record close. With two trading days left in May, the Nasdaq was up nearly 2% for the week but down 1.6% for the month. The Dow Jones Industrial Average and S&P 500 were up for the week and the month. (CNBC)
* For CNBC Pro subscribers: RBC upgrades Ford on its new electric vehicle strategy, sees shares rallying 22%
The government is set to issue three key economic reports at 8:30 a.m. ET, one hour before the opening bell on Wall Street: Initial weekly jobless claims, the second estimate of first-quarter gross domestic product, and April durable goods orders (CNBC)
This week’s meme stock rally was set to take pause Thursday. Shares of GameStop and AMC Entertainment, both popular with Reddit traders, were under pressure in the premarket. However, GameStop surged nearly 16% on Wednesday and almost 44% in the past month. AMC soared 19% on Wednesday and 70% over the past month. (CNBC)
* Cramer says investors who are short GameStop and AMC are out of their minds (CNBC)
IN THE NEWS TODAY
Major bank CEOs are set to face a second round of grilling by lawmakers as they testify before the House Financial Services Committee today. There were fireworks at the Senate Banking Committee’s…
