Here are five things you must know for Thursday, Oct. 3:
1. -- Stock Futures Rise Though Wall Street Remains Unsettled
U.S. stock futures were rising modestly Thursday following two days of heavy declines on Wall Street linked to slowing growth and deepening trade uncertainty.
Investors will be watching for signs of life from the broader U.S. services sector later Thursday and the jobs market on Friday amid the sharpest pullback in domestic stocks since late 2018, triggered by weakness in U.S. manufacturing data. The S&P 500 posted its first back-to-back declines of 1% or more since December.
Much of the weakness in the manufacturing data for September was linked to the ongoing trade conflict between the U.S. and China, but concerns have grown this could expand to include Europe after the World Trade Organization ruled that Washington could counter illegal subsidies to planemaker Airbus (EADSY) with tariffs on $7.5 billion worth of goods including airplanes made by Boeing's (BA - Get Report) main rival, French wine, British whiskey and Italian cheese.
Contracts tied to the Dow Jones Industrial Average were up 53 points, futures for the S&P 500 gained 6.90 points, and Nasdaq futures rose 25.25 points.
Stocks on Wednesday posted their worst day since Aug. 23, as the dismal data on U.S. factory activity and a weak ADP jobs report sparked concerns of a global recession caused by the trade war between Washington and Beijing.
The Dow ended down 494 points, or 1.86%, to 26,078, and has dropped more than 900 points in two days.
2. -- ISM Non-Manufacturing Index and PepsiCo Earnings Highlights Thursday's Calendar
The economic calendar in the U.S. Thursday includes weekly Jobless Claims at 8:30 a.m. ET, Factory Orders for August at 10 a.m., and the ISM Non-Manufacturing Index for September at 10 a.m.
PepsiCo (PEP - Get Report) posted core third-quarter earnings of $1.56 a share, beating estimates by 6 cents. Revenue rose to $17.19 billion from $16.93 billion a year earlier. The stock rose 1.93% to $136.53 in premarket trading.
3. -- Tesla Deliveries Hit Record but Miss Estimates
Tesla (TSLA - Get Report) posted record third-quarter deliveries of 97,000 vehicles but the stock fell 4.58% to $232 in premarket trading after deliveries were below Wall Street forecasts of 99,000.
The electric car company said the third-quarter deliveries included 79,600 Model 3s and a total of 17,400 of Models S and X. Year-earlier third-quarter deliveries were 83,774 vehicles, including 63,359 Model 3s and 12,100 combined S and X models.
"Nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand," Tesla said in a statement. "We are continuing to focus on increasing production to meet that demand."
In a company memo leaked last week to the Tesla fan site Electrek, CEO Elon Musk told employees the company had "a shot" at hitting 100,000 deliveries for the quarter pending a last-minute delivery push.
Tesla has been ramping up deliveries to Europe this year, but U.S. demand remains a source of concern for investors amid a stepdown of federal electric vehicle tax credits and emerging competition in the EV market.
The company has said it expects to deliver 360,000 to 400,000 vehicle deliveries for all of 2019.
4. -- Bed Bath & Beyond Slips After Same-Store Sales Fall More Than Expected
Bed Bath & Beyond (BBBY - Get Report) declined 2.69% in premarket trading Thursday to $9.75 after the retailer posted adjusted fiscal second-quarter earnings that were better than Wall Street estimates but same-store sales that declined 6.7%, more than expected.
Adjusted earnings were 34 cents a share vs. analysts' forecasts of 27 cents. Revenue fell 7% to $2.7 billion and matched forecasts, but the same-store sales decline was wider than analysts' calls for a drop of 5.4%.
The company said for the fiscal year it expects earnings between $2.08 and $2.13 a share; it previously forecast profit at the low end of a $2.11 to $2.20 range. Revenue is expected at $11.4 billion vs. previous guidance of $11.4 billion to $11.7 billion.
Bed Bath & Beyond also said it had made "substantial progress" toward hiring a new CEO and expects to make an announcement "soon." Steven Temares resigned as CEO in May, and was succeeded on an interim basis by Mary Winston.
The retailer, which has seen its stock fall more than 28% over the past year, has been the target of activists looking to shake up management and revive flagging sales.
5. -- Production Delays Force GoPro to Cut Its Outlook
GoPro (GPRO - Get Report) fell sharply in premarket trading Thursday after the maker of sports camera equipment warned that earnings for the second half of its fiscal year will come in lower the company expectations because of production delays.
The company said in a filing with the Securities and Exchange Commission that "due to a late stage production delay, HERO8 Black shipments will shift from the third quarter to the fourth quarter of 2019, resulting in a significant revenue shift between the quarters."
GoPro projected second-half revenue growth of 6% to 9%, or $680 million to $715 million, vs. its prior estimate for growth of 9% to 12% in the period. Non-GAAP earnings will be 33 cents to 39 cents a share for the period, vs. prior projections of 37 cents to 49 cents.
GoPro shares got a lift earlier in the week after unveiling the Hero8 Black camera, which will sell for $399, and a new $499 GoProMax camera, which will be equipped with four digital lenses.
The stock declined 15.59% to $4.33 in premarket trading.
Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!