Here are the key events taking place on Thursday that could impact trading.
BANK CEOS: It is day two on Capitol Hill as the chief executives of America's largest retail banks appear before Congress this week.
Lawmakers are expected to question the financial titans over lending practices and an array of social issues such as climate change and workers' access to abortion.
JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, U.S. Bancorp's Andy Cecere, PNC Financial Services' William Demchak and Truist Financial's William Rogers, Jr. will appear before to the Senate Banking Committee led by Chairman Sherrod Brown, D-Ohio.
Bank CEOS appear on Capitol Hill. ( Al Drago/Bloomberg via Getty Images / Getty Images)
JOBLESS CLAIMS: The Labor Department will release its count of new claims for unemployment benefits for last week, expected to provide more evidence of a tight labor market that’s cooling. Expectations are for a slight increase to 218,000, after falling unexpectedly to the lowest since May the previous week. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to edge lower to 1.4 million, the lowest since mid-July.
KB HOME: Shares traded down nearly 1% in extended trading after the homebuilder missed Wall Street revenue estimates and orders slowed.
Total revenues increased 26% to $1.84 billion. Five analysts surveyed by Zacks expected $1.86 billion.
Net income rose to $255.3 million from $150.1 million.
Newly finished development of homes for sale, built by home builder KB Homes, are pictured in Carlsbad, California. (REUTERS/Mike Blake / Reuters Photos)
On a per-share basis, KB Home said it had profit of $2.86. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.69 per share.
Net orders of 2,040 and net order value of $979.0 million decreased 50% and 51%, respectively. On a year-over-year basis.
Gross orders decreased 30% to 3,137. The cancelation rate as a percentage of gross orders was 35%, compared to 9%.
STEELCASE: Shares traded 1% lower in extended trading. The maker of furniture and technology products missed the Wall Street revenue estimate but beat on profit.
Fiscal second quarter revenue rose 19% to $863.3 million. Wall Street was looking for $882.75 million.
Net income was $19.6 million, down from $24.7 million. Earnings per share for the three months ended August 26 were 17 cents, higher than the expectation of 13 cents.
The company expects to report earnings per share of between $0.08 to $0.12 for the third quarter of fiscal 2023 and adjusted earnings per share of between $0.17 to $0.21.
RAIL DEAL VOTING: The tentative deal that averted a strike by freight railroad workers takes the next step on Thursday as the unions involved begin voting on whether to accept it.
Pickets sprung up outside rail yards across the country organized by a newly formed workers group separate from the 12 unions that negotiated the deals last week with the major U.S. freight railroads.
A CSX freight train runs through a crossing in Homestead, Pa., Wednesday, Sept. 14, 2022. (AP Photo/Gene J. Puskar / AP Newsroom)
The protesters expressed dissatisfaction with the deals, just as the unions are trying to explain the potential benefits they negotiated to their roughly 115,000 members ahead of contract votes.
Nine of the unions will be counting their votes at various times over the next two months.
The two biggest unions that held out the longest aren’t expected to report the results of their votes until mid November.