4 stocks to watch on Thursday: Meta Platforms, Freeport-McMoRan and more
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U.S. stock index futures on Thursday pointed to a lower open, with investors digesting a host of mixed economic data on the labor market. Readings showed a rise in weekly jobless claims, which was offset by a fall in job cuts, and a much higher-than-expected ADP jobs report. Wall Street's major averages had ended lower in the previous session after the minutes of the latest Federal Reserve meeting showed that some policymakers had leant towards hiking rates by 25 basis points. Here are some stocks to watch on Thursday:

Class A shares of Meta (NASDAQ:META) were in focus, after the Facebook-owner's Instagram platform launched a short-posting text app called "Threads." The product is seen as a competitor to Elon Musk's Twitter. Wells Fargo believes Threads could boost META's sales in the long run, though the near-term impact is likely to be limited. The brokerage estimates that the product could result in an additional 13 to 64 cents per share on an annualized basis.
Freeport-McMoRan (FCX) stock lost some ground in pre-market trading. The drop came after London copper prices fell for a third straight session on Thursday, weighed by the prospect of weak global economic growth and disappointing demand in top consumer China. Meanwhile, Bank of America cut its 2023 copper price forecast by 6.8% to $8,788/metric ton.
Shares of Model N (MODN) will be in the spotlight, after Goldman Sachs started coverage on the life sciences and high-tech software company with a buy rating, citing its domain expertise.
Traders will also be looking at Joby Aviation (JOBY) stock. The company on Thursday said it had submitted all of its certification plans to the Federal Aviation Administration (FAA) in a step JOBY said marks further progress toward completing the third of five stages required to certify its aircraft for commercial use. Shares of JOBY have shot up by a blistering ~67% since late June after the FAA issued the firm a certificate for its first production prototype.

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