Here are the key events taking place on Thursday that could impact trading.
GDP REVISION: The Commerce Department will release its final estimate of 2Q GDP.
The Commerce Department is set to post the third and final estimate for second-quarter gross domestic product at 8:30 a.m., along with updated growth figures for the past five years — a process it performs annually.
GDP, the broadest measure of goods and services produced in the nation, officially shrank at a 1.6% annualized pace in the three-month period from January to March and declined a 0.6% pace between April and June, meeting the criteria for a so-called technical recession.
FINAL GDP READING LIKELY TO CONFIRM US ECONOMY ENTERED A RECESSION IN THE SPRING
Economists surveyed by Refinitiv expect the updated data on Thursday to be unchanged and show that growth did, in fact, shrink at a 0.6% pace in the spring.
JOBLESS CLAIMS: The Labor Department will release its count of new claims for unemployment benefits for last week, likely to provide more evidence of a tight labor market that’s cooling.
Expectations are for 215,000, barely above the previous week’s tally of 213,000. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to edge higher to 1.388 million, after falling to the lowest since mid-July previously.
PORSCHE IPO: Shares of the sports car maker begin trading today on the Frankfurt Exchange.
Germany’s Volkswagen AG said Wednesday it had priced the initial public offering of shares at the top end of the targeted range, putting the IPO on track to become one of Europe’s largest in more than a decade, according to the Wall Street Journal.
PORSCHE ISSUING 911 MILLION SHARES IN IPO TO SALUTE ITS ICONIC MODEL
The offering of preferred stock values Porsche at about $73 billion.
The deal ranks Porsche among the top five biggest car markers measured by market value behind its parent company VW, but ahead of German rival Mercedes- Benz Group AG, which is valued at more than $56 billion. Tesla’s valuation of more than $886 billion leads the way followed by Japan’s Toyota Corp.
In a nod to the company’s famous 911 sport car, VW created 911 million Porsche shares.
THURSDAY EARNINGS: Wrapping up the week for earnings will be Bed Bath & Beyond, CarMax, Micron Technology and Rite Aid before the market open and Nike after the bell.
FED SPEAKERS; Cleveland Fed President Loretta Mester will also participate in a policy panel before the hybrid “Inflation: Drivers and Dynamics Conference 2022” co-hosted by the bank’s Center for Inflation Research.
San Francisco Fed president Mary Daly will give a policy presentation at Boise State University.
Read the full article here