Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street looks higher after claims match estimates
U.S. stock futures rose modestly Thursday after jobless claims matched forecasts and ahead of Friday's employment report. Investors want to see if the ADP's disappointing job growth at U.S. companies in July indicates a labor recovery running out of steam. The Dow Jones Industrial Average on Wednesday fell 323 points, or 0.9%. The S&P 500 slipped almost 0.5%. The Nasdaq rose slightly. The Dow ended 1% away from last month's record close. The S&P 500 finished less than 1% shy of its latest record close earlier this week. The Nasdaq ended less than 1% away from last month's record high.
The government Thursday morning reported initial jobless claims for last week dipped to 385,000, matching estimates. The previous week was revised a bit lower to 399,000. The latest reading on continuing claims, which runs one week behind the headline weekly number, showed a sharp drop to under 3 million.
The 10-year Treasury yield ticked higher to around 1.2%, one day after falling to its lowest level since February. On Friday, the government is set to release its July employment report. Economists expect 845,000 nonfarm jobs were created last month after June's 850,000 increase.
2. Robinhood retreats after huge rally this week
Shares of Robinhood fell 10% in Thursday's premarket after the popular online trading platform said in an amended filing that existing shareholders will sell up 97.9 million shares over time. The company won't receive any of the proceeds. Shares rose as high as $85 each during Wednesday's volatile session, which had represented an 81% surge, before closing up 50% to $70.39. The stock jumped more than 24% on Tuesday. Robinhood fell 8% in last Thursday's debut after pricing its initial public offering at $38 per share. Robinhood, a place where investors trade meme stocks, become one itself.
3. Moderna says Covid booster ‘robust’ against delta
Moderna said its Covid vaccine booster shot produced a "robust" antibody response against the highly contagious delta variant, according to details of a study released Thursday along with the company's better-than-expected quarterly earnings report. Moderna also said a final analysis of its phase three study found the two-dose vaccine was 93% effective, with efficacy "remaining durable" through six months after administration of the second dose.
4. Uber, Etsy, Roku see shares drop after earnings
Shares of Uber dropped 4% in Thursday's premarket, the morning after the ride-hailing and food delivery company reported a surprise quarterly profit of 58 cents per share. Analysts had expected a 51 cent loss. While revenue also beat, the stock was under pressure with Uber revealing that quarterly profit came largely come from its investments. The stock was up more than 25% in the past 12 months.
Etsy shares sank 12% in the premarket after the online crafts marketplace late Wednesday reported lower-than-expected user growth. Etsy did top estimates with quarterly earnings of 68 cents per share. Revenue also beat projections. The stock was up 55% over the past 12 months.
Shares of Roku fell more than 8% in Thursday's premarket, one day after the video streaming device maker reported disappointing user growth. Roku did crush estimates with quarterly earnings of 52 cents per share. Revenue also exceeded estimates. The stock was up over 150% in the past 12 months.
5. Biden to push EV targets for U.S. auto sales by 2030
President Joe Biden will set a new national target on Thursday for the adoption of electric vehicles, calling for them to represent 40% to 50% of all new auto sales by 2030, according to senior administration officials. The target is expected to be supported by companies such as General Motors, Ford, Stellantis — formerly Fiat Chrysler — and other automakers. Executives from each of the Detroit automakers are scheduled to attend an event Thursday at the White House. The president will sign an executive order on the sales target, but it's not mandatory.
— Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.