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Wall Street finished lower in a roller coaster session on Thursday as the broader market averages observed selling pressure after jobless claims fell and GDP was revised higher in the third estimate. Across sectors, nine of the 11 S&P groups concluded in negative trading territory, with Healthcare suffering the most. At the other end, Energy was the strongest-performing segment on the session as oil climbed. “Real GDP numbers were good, jobless claims were decent, and we didn’t see any major bad news in other areas. To me, stock weakness is just the result of some profit-taking,” Seeking Alpha analyst Leo Nelissen stated.
A slew of economic data is set to be released next week, such as Pending Home Sales and the Dallas Fed Manufacturing Business Index on Monday, with data on the House Price Index, Chicago PMI, and JOLTS Job Openings releasing on Tuesday. Meanwhile, Wednesday will see the release of MBA Mortgage Applications, the ISM Manufacturing Index, and Crude Oil and Gasoline Inventories, with reports on Challenger Job Cuts, Initial Jobless Claims, and Factory Orders releasing on Thursday. Friday will see the release of important reports such as Nonfarm Payrolls, and the Unemployment Rate.
Nike (NKE), Paychex (PAYX), Lamb Weston Holdings (LW), Levi Strauss (LEVI), Conagra Brands (CAG), Cal-Maine (CALM), Rezolve AI (RZLV), Carnival Corp. (CCL), Jefferies Financial (JEF), and IDT (IDT) will report earnings next week.
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Earnings spotlight: Monday, September 29: Carnival Corp., Jefferies Financial, IDT. See the full earnings calendar.
Earnings spotlight: Tuesday, September 30: Nike, Paychex, Lamb Weston Holdings.