U.S. stock futures were volatile Thursday following the release of mixed economic data. Core durable goods orders unexpectedly declined, raising hopes that a weaker economy might prompt the Federal Reserve to cut interest rates later this year. However, jobless claims also declined, indicating a healthy labour market, which complicates the outlook for monetary policy.

Notable Stock Movers:

  • Micron (NASDAQ): Micron’s stock fell 7% after the chipmaker provided a financial outlook for the current quarter that fell short of high investor expectations driven by enthusiasm around artificial intelligence. Despite strong quarterly earnings, the in-line revenue guidance disappointed investors.
  • Levi Strauss (NYSE): Shares slumped 16% after the jeans manufacturer reported lower-than-expected fiscal second-quarter revenue, impacted by sluggish demand for its Docker’s brand, which includes khakis and chinos.
  • Walgreens Boots (NASDAQ): The pharmacy chain’s stock plunged 25% after it cut its fiscal 2024 guidance, citing a challenging retail environment. Walgreens also announced plans to close more stores as part of a strategic review.
  • GSK (NYSE): GSK’s stock fell over 0.5% following a U.S. public health agency’s decision to narrow the usage recommendation for all respiratory syncytial virus (RSV) vaccines, including GSK’s Arexvy vaccine.
  • Uber (NYSE): Uber’s stock fell 0.4% after the ride-hailing company announced a plan to offer $1,000 in credits to certain commuters in the U.S. and Canada who switch from cars to public and other transport services for five weeks, as part of its latest effort to boost business and reduce emissions.
  • International Paper (NYSE): Shares of the paper and packaging company fell over 7% after Bloomberg reported that Brazilian pulp giant Suzano is no longer pursuing a takeover, having reached its maximum price.
  • AeroVironment (NASDAQ): The missile and drone maker’s stock slumped 15% after reporting a 57% drop in fourth-quarter earnings, raising concerns about its financial performance.
  • Rivian (NASDAQ): The electric vehicle maker’s stock fell 7% after reaffirming its full-year 2024 guidance for vehicle production and adjusted EBITDA, following a $5 billion investment from Volkswagen.
  • Chipotle Mexican Grill (NYSE): Shares fell 5% a day after the company’s 50-for-1 stock split became effective, leading to a recalibration of its stock price.

Investors are keeping a close watch on these developments as well as upcoming key economic data and the first presidential debate, which could further influence market dynamics.