S&P 500 futures rise in the final trading days of 2022

Jobless claims increased last week amid Federal Reserve efforts to cool the economy and in particular the labor market.

First-time filings for unemployment benefits totaled 225,000 for the week ended Dec. 24, the Labor Department reported Thursday. That was an increase of 9,000 from the previous week and slightly above the 223,000 estimate from Dow Jones.

Longer-term, continuing claims, which run a week behind the headline number, jumped to 1.71 million, an increase of 41,000 to the highest level since early February.

The numbers this time of year are always noisy due to the holidays. Claims not adjusted for seasonal factors surged by 23,146, a 9.3% increase.

—Jeff Cox

These are the stocks making the biggest moves before the bell:

• Tesla – Tesla rallied 4.4% in the premarket after posting its first rise in eight sessions Wednesday, softening the blow to its stock in what will still be the worst year ever for Tesla shares.
• Cal-Maine Foods – Cal-Maine slid 4.9% in premarket trading after its quarterly earnings came in below Wall Street forecasts. Cal-Maine reported record sales for the quarter.
• Apple – Apple is up 1% in premarket trading after closing Wednesday at a 1-1/2 year low. Apple is down 29% for 2022.

Check out the full list for more Thursday early morning movers.

— Peter Schacknow, Tanaya Macheel

Electric vehicle stocks may have cooled in 2022, but the options for investors to play the trend are continuing to grow with the arrival of the Element EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt) Futures Strategy ETF.

The fund, which is set to begin trading on Thursday, carries a management fee of 0.95% and will trade on the NYSE Arca under the ticker “CHRG.” The fund will buy and sell futures and related products on minerals and metals that are vital for electric vehicles.

Element Funds was co-founded by Goldman Sachs veteran Will McDonough, and the portfolio management team will include fellow co-founders John Raymond and John Calvert from Energy & Minerals Group, a Houston-based private equity firm with $13 billion in assets.

The fund’s active strategy sets it apart from the the KraneShares Electrification Metals Strategy ETF, which launched in October and tracks the Bloomberg Electrification Metals Index. That fund has performed well so far but has thin trading volume and less than $30 million in assets under management.

“This is not something you can play passively. Battery technology is maturing daily,” McDonough said, adding that the portfolio will be adjusted on a monthly basis.

In addition to lithium futures, the fund will also trade in other metals, with an emphasis on copper, said McDonough, who is also the CEO of Element Funds .

“The demand for copper in any electric vehicle of any kind is over 2x what it is in a traditional car. People want to talk…