Quill Intelligence LLC. CEO Danielle DiMartino Booth weighs in on record-high inflation and the impact on real wages.
U.S. stocks turned mixed as technology shares took a back seat to cyclical names and as investors digested a jump in producer prices and higher jobless claims.
The Nasdaq Composite turned lower by 0.4%, while the S&P 500 pared its gains. However, the Dow Jones Industrial Average added over 200 points or 0.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 36309.04 | +18.72 | +0.05% |
| SP500 | S&P 500 | 4698.67 | -27.68 | -0.59% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14987.569347 | -200.82 | -1.32% |
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The December producer price index jumped by 9.7% a record, while month-over-month prices rose 0.2%, less than expected. Factoring out volatile food and energy costs, core producer prices rose 0.5% in December, slightly below November’s 0.7% gain. Year-over-year look core PPI rose 8.3% in December.
On Wednesday consumer prices rose 7% the most since 1982.
INFLATION SURGES 7% IN DECEMBER, HIGHEST RATE IN 40 YEARS
New claims for unemployment benefits unexpectedly rose by 230,000 last week and above a 52-year low of 188,000 reported in the first week of December. Continuing claims, which track the total number of unemployed workers collecting benefits, fell to 1.55 million.
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In stocks, Ford rallied to a new milestone topping the $100 billion in market value, compared to General Motors $91 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 25.53 | +1.05 | +4.31% |
| GM | GENERAL MOTORS CO. | 62.71 | +1.66 | +2.72% |
Boeing rose helping support the Dow, after Bloomberg reported it will soon restart sales in China for the 737 Max.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 224.59 | +6.98 | +3.21% |
Delta Airlines also rose after CEO Ed Bastian signaled a recovery by mid-first quarter after the airline posted a loss of $408 million tied to COVID disruptions. 8,000 of his employees have tested positive for the virus. United Airlines also disclosed 3,000 of its employees were infected resulting in flight cancellations.
Taiwan Semiconductor is a winner after posting record quarterly profits and forecasting revenue of as much as $17 billion, higher than the same period a year ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. | 141.06 | +8.55 | +6.45% |
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 41.91 | +1.29 | +3.18% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 48.72 | +2.18 | +4.68% |
RIchard Branson’s Virgin Orbit has a satellite launch later this afternoon, while Virgin Galactic rolled out a $425 million bond offering.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VORB | NEXTGEN ACQUISITION II | 10.52 | +0.56 | +5.62% |
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 10.19 | -2.18 | -17.62% |
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Vaccine makers continue to report developments with Moderna disclosing it will release data for treating children 2 to 5 years of age by March.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 213.94 | -8.95 | -4.02% |
In commodities, oil slipped to the $81-per-barrel level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 58.86 | -0.05 | -0.08% |
Cryptocurrencies saw more downward pressure with Bitcoin slipped.
In Europe, London’s FTSE slipped 0.2%, Germany’s DAX was off 0.2% and France’s CAC declined 0.5%.
In Asia, Tokyo’s Nikkei 225 index dropped 1%, the Hang Seng in Hong Kong edged 0.1% higher, while China’s Shanghai Composite shed 1.2%.
FOX Business’ Ken Martin and The Associated Press contributed to this report.