U.S. stock index futures rebound slightly on Thursday after jobless claims and retail sales for a better reading on the ongoing economic recovery.
S&P 500 E-minis were down 5.5 points, or 0.12% at 08:35 am ET. Dow E-minis were up 5 points, or 0.01%, while Nasdaq 100 E-minis were down 45.75 points, or 0.3%.
U.S. retail sales post a surprise gain in August despite fears that escalating Covid cases and supply chain issues would hold back consumers, the Census Bureau reported Thursday.
Sales increased 0.7% for the month against the Dow Jones estimate of a decline of 0.8%.
A separate economic report showed that weekly jobless claims increased to 332,000 for the week ended Sept. 11, according to the Labor Department. The Dow Jones estimate was for 320,000.
Stocks making the biggest moves premarket:
Beyond Meat(BYND) — Shares of the alternative-meat maker dipped 3.8% in premarket trading after Piper Sandler downgraded the company to an underweight rating. “Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations,” the firm said in a note to clients.
Wynn Resorts(WYNN),Las Vegas Sands(LVS) — Macao-related casino stocks dipped again as authorities weigh tighter regulations on Macao’s gaming industry. Wynn declined 3.3%, while Las Vegas Sands slid 2.8%. JPMorgan downgraded both stocks to neutral from overweight following the governmental action.
DoorDash(DASH) — Bank of America upgraded DoorDa.sh to a buy rating, sending shares 2.3% higher during premarket trading. The firm’s bullish call is based on upside to 2021 estimates as well as a “robust” five-year growth opportunity.
Cisco Systems(CSCO) — Cisco Systems gained 1.5% after several bullish Wall Street calls that followed the company’s investor day. Credit Suisse upgraded the stock to an outperform rating, saying Cisco is poised to execute on its long-term guidance while ramping its recurring revenue streams. JPMorgan, meanwhile, reiterated its overweight rating and added the stock to its analyst focus list.
Fisker(FSR) — Shares of the electric vehicle company dipped 2.7% after Bank of America downgraded the stock to neutral from buy. The firm said that while Fisker is “one of the more legitimate among the universe of start-up electric vehicle automakers,” the “competitive landscape is becoming incredibly fierce.” Bank of America also downgraded Lordstown Motors(RIDE) to underperform, sending shares down 2% in premarket trading.
Cabot Oil & Gas(COG) — The energy stock fell 1.2% on Thursday morning, despite a pullback in natural gas futures. Cabot’s stock has surged 25% during September amid a historic run in natural gas, which has seen prices hit their highest level in more than seven years.
Alibaba(BABA),JD.com(JD),Pinduoduo(PDD) — U.S.-listed shares of Chinese tech stocks declined. All three stocks dipped more than 1%.
Electronic Arts(EA) — Electronic Arts shares rose 2.2% in premarket trading on reaffirmed guidance despite Battlefield 2042 delay, be concerned but not worried says analyst.