Here are the events that take place on Thursday.
The shareholders of the retailer have been on a rollercoaster ride for the past couple of days. After an earlier surge in 45%, the shares plunged 18% in after-hours trading. The investor and GameStop Chairman Ryan Cohen filed for a proposed sale of his stake in the struggling home goods retailer, which is at the root of the wild swings.
Cohen's venture capital firm RC Ventures, the second-largest investor, said it intends to sell 9.45 million shares, including options.
His venture capital firm bought call options expiring in January 2023 on 1.67 million shares with a strike price from $60 to $80.
The shares rose to $30 and closed at $23.08 on Wednesday. In June and July, the stock had lost 60% of its value.
WOLFSPEED: Shares of the chipmaker went up 20% after-hours trading. Wall Street revenue and profit estimates were topped by the developer of wide bandgap semiconductors, focusing on silicon carbide and gallium nitride materials. Revenue increased by 57% to $228.5 million in the fourth quarter ended June 26. The analyst estimate was $207.8 million.
The non-GAAP diluted net loss per share was 2 cents versus the estimate of 10 cents. For its first quarter of fiscal 2023, Wolfspeed targets revenue in a range of $232.5 million to $247.5 million.
EARNINGS: The parade of retail-related earnings continues Thursday with BJ's Wholesale Club, Kohl's, Estee Lauder, Coach and Kate Spade parent company Tapestry reporting ahead of the opening bell. Watch out for results from discount department store chain Ross Stores, along with semiconductor equipment maker Applied Materials in the afternoon.
The Labor Department will release its tally of new claims for unemployment benefits for the last week, which is expected to show a tight jobs market that continues to cool. Expectations are for 265,000, up slightly from the previous week and the highest in more than nine months.
The total number of workers who have unemployment benefits is expected to be higher for a third month, to 1.438 million.
HOME SALES: The National Association of Realtors is expected to say that sales of previously owned homes fell 4.5% to a seasonally adjusted annual rate of 4.89 million units in July.
That would be the sixth straight month drop, and the lowest reading in more than two years. It would also mark a decline of 24.6% from January, when sales were humming along at a 6.49 million annual pace.