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Twitter, Airbnb, L3Harris: What to Watch When the Stock Market Opens Today

Here’s what we’re watching ahead of Thursday’s opening bell.

  • Futures tied to the S&P 500 climbed 0.3%. The broad market index closed at its 18th record this year on Wednesday.
  • Nasdaq-100 futures advanced 0.8%, pointing to gains in technology stocks. Read our full market wrap.
  • Jobless claims rose to 744,000 last week, bucking a downward trend amid other signs of recent labor-market improvement.
What’s Coming Up
  • At 12 p.m., Federal Reserve Chairman Jerome Powell will be speaking about the global economy at the International Monetary Fund’s virtual spring meetings. Livestream here.
  • Earnings are due from Levi Strauss after the closing bell.
Market Movers to Watch

—Losing fizz: Class-A shares of

Constellation Brands


STZ.B -4.78%

fell 4% ahead of the bell after the brewer of Corona beer said profits fell from a year before in its fiscal fourth quarter.

Albemarle


ALB 0.95%

‘s stock climbed 1.6% after the chemicals company announced the date of its quarterly results. The price of lithium, a key ingredient in electric-vehicle batteries, has been on a tear but Albemarle’s stock has trended lower since January.

—Shares of social-media companies gained in premarket trading.

Facebook


FB 0.18%

ticked up 0.7%,

Twitter


TWTR 1.97%

shares rose 1% and

Snap


SNAP 2.17%

added 1.7%.

Textron


TXT 2.30%

shares got a 2.2% boost before the open. Analysts at Goldman Sachs raised their price target for shares of industrial conglomerate.

—The bank also downgraded its recommendation for

L3Harris Technologies


LHX -0.51%

from “buy” to “neutral.” Shares of the defense contractor slipped 1%.

Airbnb


ABNB 0.92%

shares climbed 1.2% premarket. Shares of the guest-booking company have rallied 23% this year, part of a broad advance in stocks that stand to benefit from the easing of lockdowns, but fell more than 5% on Wednesday.

The Airbnb logo was displayed on the Nasdaq digital billboard in Times Square in New York, Dec. 10, 2020.



Photo:

kena betancur/Agence France-Presse/Getty Images

—Shares of

Costco Wholesale


COST 1.36%

rose 0.8% ahead of the bell. The company said late Wednesday its sales jumped 17.6% in March.

Market Facts
  • Flows into investment-grade bond funds hit their lowest level last week in about five months, according to data from Refinitiv Lipper, and some investors are bracing for net outflows.
  • As the world’s largest single shareholder, Norway’s sovereign-wealth fund owns on average 1.4% of the world’s listed companies, making it a large investor in companies like Apple and Alibaba. The fund returned 10.9% last year.
  • On this day in 1935, the U.S. Congress enacted legislation creating the Works Progress Administration, or WPA, which ended up employing more than 8 million people during the Great Depression.
Chart of the Day

Pressure is building in some emerging markets as brightening U.S. growth prospects prompt investors to pull capital out of economies that look less robust. 

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