Powell talk, GameStop jumps and more: Thursday 5 things to know

Here are the main events taking place on Thursday It can affect trading.

Jerome Powell: The Federal Reserve Chairman will appear at the Cato Institute’s annual monetary conference.

The event will highlight a conversation with Powell about monetary policy 40 years later.

Powell addressed current inflation challenges at the latest Jackson Hole conference, saying that lowering inflation could create a heavy burden on American households. His speech sent the stock market into turmoil.

Powell vowed to fight inflation ‘vigorously’, but warned of future economic pain

Federal Reserve Chairman Jerome Powell

Federal Reserve Chairman Jerome Powell. (AP Photo/Jacquelyn Martin/AP Newsroom)

Unemployment claims: The Ministry of Labor will release the outcome of new claims for unemployment benefits For the past week, it is expected to provide more evidence of a tight labor market cooling.

Expectations are for a slight increase to 240,000, after falling more than expected to a two-month low of 232,000 in the previous week.

The person filing the unemployment claim

Someone completing an unemployment benefits form. (iStock / iStock)

Continuing claims, which track the total number of workers receiving unemployment benefits, are expected to drop to 1.435 million. This would be down from 1.438 million in the previous week, the highest level in nearly five months.

American Eagle Outfitters: Shares fell 15% in extended trading after retailer missed Wall Street estimated the adjusted earnings and said it would halt the quarterly dividend as it bolsters its finances against a hit from inflation.

The company will also freeze hiring, reduce non-critical expenses, and cut capital spending, CEO Jay Schuttenstein said on an earnings call.

The company’s net revenue was $1.20 billion, compared to $1.19 billion a year earlier, in line with analyst expectations, according to IBES data from Refinitiv.

Excluding items, American Eagle earned 4 cents per share, well below estimates of 13 cents.

The company had paid shareholders a dividend of 18 cents in the previous quarter.

RYAN COHEN MISSING FROM GAMESTOP EARNINGS CALL; There is no bathroom to sleep and beyond

the game: Shares jumped 11% in extended trading after retailers Declare a partnership With cryptocurrency exchange FTX US reporting its second quarter financial results.

The partnership aims to bring more GameStop customers into the FTX community and its digital asset markets. Additionally, GameStop will begin carrying FTX gift cards at select stores.

GameStop front store

GameStop Store on 14th Street in Union Square, in the Manhattan borough of New York. (AP Photo/John Minchillo/AP Newsroom)

Gamestop net sales for the three months ended July 30 were $1.136 billion for the quarter, down slightly from $1.183 billion in the previous year’s second quarter.

The net loss widened to $108.7 million from $61.6 million.

Selling, general and administrative expenses were $387.5 million for the quarter, representing a back-to-back decrease of 14.3% from the first quarter of 2022.

power reserve: The Department of Energy’s Energy Information Administration will release its inventory report last week.


Crude stocks are expected to fall by a quarter of a million barrels, after a more-than-expected draw of more than 3.3 million barrels in the previous week.

Watch the build of 530 thousand barrels in distillate supplies (heating oil, diesel fuel), and the withdrawal of about 1.7 million barrels in gasoline stocks.

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