Pre-markets Up on NVIDIA Earnings, Jobless Claims and More

Thursday, November 21, 2024In the wake of another extraordinary earnings report by semiconductor innovator NVIDIA NVDA, pre-market futures are positive. In actuality, NVDA shares had faded on the print yesterday, even with incredible stats such as surpassing October ’23 quarter revenues with October ’24 quarter EARNINGS.This is also the biggest day of the trading week for economic data, with Weekly Jobless Claims and manufacturing numbers from the Philly Fed index. But this has been a rather dormant week for economic reports overall, with Housing Starts and Building Permits the only real standout earlier.Jobless Claims Moving Different DirectionsHeadline Initial Jobless Claims kept their narrative intact of a very healthy labor market this morning, posting 213K new claims last week, down from expectations of 220K, which would also have bespoken a strong employment picture (we had shot up to 260K in the first week of October, which seems like a year ago now). It’s also lower than the previous week’s 217K new jobless claims.However, looking at Continuing Jobless Claims, we are at our highest level in three years: 1.908 million pushes through that 1.9M threshold after staying consistently above 1.8M since the start of June. It’s also a fairly big jump from the previous week’s  1.872M longer-term jobless claims, and will likely reignite concerns that we will surpass 2 million continuing claims per week, which would then point to a softer labor market overall.So why the discrepancy? We speak about this quite a bit here: while older Baby Boomers have been retired for a few years now, the youngest of this generation are now approaching traditional retirement age. Even some Generation X folks are starting to take early retirement. So that final pink slip is therefore less likely to lead to a new jobless claim, whereas longer-term claims seem likely to subsist.Philly Fed Turns Negative in NovemberSome of our most current economic reads come from regional manufacturing data, and this morning's Philly Fed recorded only the third negative print of 2024: -5.5, down from the +6.0 expected and the quite solid +10.3 in the October report. These numbers do tend to bounce around a bit, and we won’t assume we’re on a manufacturing downturn from just one negative headline.Q3 Earnings Reports Ahead of the Bell: DE, BJAgriculture machinery manufacturer Deere & Co. DE posted a strong quarter ahead of today’s open, with earnings of $4.55 per share bringing a +17% beat over the Zacks consensus for the quarter. Revenues of $9.28 billion outpaced expectations by +1.66% for the quarter, although are down notably from the year-ago sales tally of $13.8 billion. Shares are up +1.7% in early trading, more than double the stock’s year-to-date gains. For more on DE’s earnings, click here.Check out the updated Zacks Earnings Calendar here.BJ’s Wholesale BJ had a mixed Q3 reported this morning, surpassing expectations on its bottom line by +29.67% to earnings of $1.18 per share. Revenues, on the other hand, reached $5.1 billion, -0.52% from the Zacks consensus but up from the $.8 billion reported in the year-ago quarter. Shares are still up in the pre-market for the Massachusetts-based membership warehouse club, +3.8% adding to its +28% gains year to date. For more on BJ’s earnings, click here.Questions or comments about this article and/or author? Click here>>Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NVIDIA Corporation (NVDA): Free Stock Analysis Report Deere & Company (DE): Free Stock Analysis Report BJ's Wholesale Club Holdings, Inc. (BJ): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks