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shares modern The company’s second-quarter revenue exceeded expectations, but its stock price fell more than 16% after it slashed its full-year sales guidance.

The biotech noted lower expected sales in Europe, a highly competitive environment respiratory vaccine U.S. revenue may be delayed until 2025.

For more information on Moderna’s earnings, read here.

— Pia Singer, Annika King Constantino

shares ferrari Shares of the automaker rose 5% in premarket trading after the automaker beat Wall Street’s second-quarter expectations and raised its financial outlook for the year.

luxury sports car manufacturer Reported adjusted earnings per share Second quarter revenue was 2.29 euros and net revenue was 1.71 billion euros. Wall Street expected adjusted earnings of 2.08 euros per share on revenue of 1.61 billion euros, according to the average estimate compiled by London Stock Exchange Group (LSEG).

From April to June, Ferrari shipped 3,484 vehicles this quarter, an increase of 2.7% compared with the second quarter of 2023.

The company’s new upward guidance for this year includes net income of more than 6.55 billion euros, up from 6.4 billion euros, adjusted EBIT of 1.82 billion euros, and adjusted earnings per share of more than 7.90 euros, up from 1.77 billion euros, or Adjusted earnings per share were €7.50.

Economic data released on Thursday showed a sharp rise in initial jobless claims last week, while a gauge of labor costs was unexpectedly low.

The U.S. Department of Labor reported that there were 249,000 initial claims for unemployment insurance in the week ended July 27, an increase of 14,000. That was the highest level since August 2023 and topped the 235,000-strong Dow Jones forecast.

Continuing claims increased a week later to 1.877 million, the highest level since November 27, 2021.

In other news, the U.S. Bureau of Labor Statistics reported that unit labor costs, a measure of wages and productivity, rose just 0.9% in the second quarter, below forecasts of 1.7%. Unit labor costs have risen just 0.5% over the past four quarters, the smallest increase since the third quarter of 2019.

— Jeff Cox

Take a look at some of the companies making headlines in pre-market trading.

• Hershey’s — Shares fell 7% in premarket after the chocolate maker reported second-quarter results that missed analysts’ expectations. The company earned $1.27 per share on revenue of $2.07 billion. Analysts polled by London Stock Exchange Group (LSEG) expected profits of $1.43 per share on revenue of $2.31 billion. “Today’s operating environment remains dynamic, with consumers reducing discretionary spending,” Chief Executive Michelle Buck said in a statement.

• Amazon — Shares of the e-commerce giant were up about 2% ahead of the release of second-quarter results after the close Thursday. Analysts polled by FactSet forecast earnings of $1.03 per share on revenue of $148.6 billion.

• etsi — E-commerce stocks fell more than 1% after posting mixed quarterly results. Etsy’s revenue topped expectations, but adjusted earnings of 41 cents per share missed the LSEG consensus estimate of 45 cents per share.

Read full list here.

— Brian Evans

Job advisory firm Challenger, Gray & Christmas reported Thursday that the number of layoffs announced last month was the highest in July since 2020.

The total number of planned layoffs this month is 25,885, a 47% decrease from June but an increase of 9% from the same period last year.

Companies have announced 460,530 job cuts so far this year, down 4.4% from the same period in 2023 but the third-highest level since 2009, according to Challenger.

——Jeff Cox

shares Hershey’s The chocolate maker fell 7% in pre-market trading after the chocolate maker reported second-quarter results that missed analysts’ expectations.

The company earned $1.27 per share on revenue of $2.07 billion. Analysts polled by London Stock Exchange Group (LSEG) expected profits of $1.43 per share on revenue of $2.31 billion.

“Today’s operating environment remains dynamic, with consumers reducing discretionary spending,” Chief Executive Michelle Buck said in a statement.

although S&P 500 Index Last week it suffered its first 2% retracement in nearly a year. Bank of America remains optimistic about the future of stocks. This may be a “bull market-wide consolidation phase, but it is not the end of the bull market. Rather, things are just starting to click for the broader corporate sector.”

— Fred Ambert

With Wednesday’s announcement and press conference, the Fed is poised to cut interest rates next month, said Joe Kalish of Ned Davis Research.

“The Fed is preparing markets for a rate cut in September, as evidenced by a change in the statement closer to our expectations,” wrote Kalish, the firm’s chief global macro strategist.

“What it doesn’t say is that they have greater confidence that inflation is getting closer to target. That will change when they actually cut interest rates,” he added. However, Fed Chairman Powell “acknowledged that they have gained additional confidence that a rate cut in September is ‘on the table’ if the data holds up as it has recently been.”

— Fred Ambert

DoubleLine founder Jeffrey Gundlach said market participants expect the Federal Reserve to cut interest rates by 150 basis points next year.

For reference, reducing the total he suggested would result in the key rate being between 3.75% and 4%. This follows Wednesday’s announcement that borrowing costs will remain unchanged. constantcurrently 5.25% to 5.5%.

“I think we’re going to see about 150 basis points of rate cuts,” Gundlach said on CNBC. “That’s at best my base case for next year.”

— Alex Harlin, Scott Schnieper

Federal Reserve Chairman Powell said gold futures rose 0.9% on Wednesday to close at a new record of $2,473 an ounce. The central bank may start cutting interest rates in September If inflation data continues to cool.

Gold prices ended July 5.7% higher, marking the precious metal’s fourth gain in five months and extending this year’s gain to 19.4%. Adjusted for inflation, gold prices still hit an all-time high of $3,461 per ounce, dating back to January 1980, the last year of the decade.

——Gina Francola, Scott Schnipper

These were the stocks that gained the most in extended trading:

• meta platform — Shares of the social media giant rose 7%. meta platform Revenue and profits beat expectations In the most recent quarter, earnings per share were $5.16 on revenue of $39.07 billion.
• Arm Holdings — The British semiconductor stock fell about 13% on light guidance. Arm forecast adjusted earnings per share of 23 cents to 27 cents fiscal second quarterwhile analysts expected 27 cents per LSEG.
• Traddock — Telemedicine stocks fell more than 15% after second-quarter revenue missed expectations.

Read the full list of stocks moving after the bell here.

—Samantha Subin

Stock futures opened higher late Wednesday as Wall Street assessed the latest batch of earnings reports.

this S&P 500 Index Futures Shares rose 0.3%, driven by strong results from Meta Platform. Nasdaq 100 Futures rose 0.5%, while futures traded with Dow Jones Industrial Average An increase of 40 points, or 0.1%.

—Samantha Subin