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Tag Archives: jobless
Dow Jones Falls On Surprise Drop In Jobless Claims; Walmart Jumps On Earnings | Investor’s Business Daily – Investor’s Business Daily
- Dow Jones Falls On Surprise Drop In Jobless Claims; Walmart Jumps On Earnings | Investor’s Business Daily Investor’s Business Daily
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Weekly Jobless Claims Higher Than Expected, US Big Techs Face Difficulty Downsizing In Europe, Biden Admin Finalizes Rule To Crack Down Deceptive Medicare Advantage Advertising: Today’s Top Stories – Yahoo Finance
- Weekly Jobless Claims Higher Than Expected, US Big Techs Face Difficulty Downsizing In Europe, Biden Admin Finalizes Rule To Crack Down Deceptive Medicare Advantage Advertising: Today’s Top Stories Yahoo Finance
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Dow Jones Falls 225 Points After Jobless Claims; Netflix Earnings Due
The Dow Jones Industrial Average dropped more than 225 points Thursday morning after the Labor Department’s first-time jobless claims. Meanwhile, Netflix (NFLX) earnings are due out after the market close, kicking off fourth-quarter tech earnings.
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Initial unemployment claims dropped to 190,000 vs. 205,000 in the previous week. Claims were expected to rise to 215,000, per Econoday estimates.
Elsewhere on the economic front, housing starts and permits — along with the Philadelphia Fed Manufacturing Index — were released. Housing starts and permits for December fell to 1.382 million and 1.330 million, respectively, vs. expectations for 1.362 million and 1.380 million.
Also, the Philly Fed index came in at -8.9 in January, better than the expected -10.3 reading and higher compared with a -13.8 reading in December.
Alcoa (AA) and Discover Financial Services (DFS) reported earnings late Wednesday, while Fastenal (FAST) and Procter & Gamble (PG) earnings came out ahead of Thursday’s open.
Alcoa shares slid more than 3%, while Discover stock sold off more than 6%. Fastenal was up 1% after beating top-and bottom-line estimates. And P&G stock declined nearly 2% after earnings matched estimates and sales beat targets.
Stock Market Today
Charles Schwab (SCHW) dropped almost 5% after a rare double downgrade at Bank of America. Roblox (RBLX) skidded more than 7% after Morgan Stanley downgraded the stock from equal weight to underweight.
Electric-vehicle leader Tesla (TSLA) fell nearly 1% Thursday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were both squarely lower after today’s stock market open.
IBD Leaderboard stock Fluor (FLR), recent IBD Stock Of The Day Medpace (MEDP), Monster Beverage (MNST) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones names Amgen (AMGN), Chevron (CVX) and Walmart (WMT) — are among the top stocks to buy and watch with the market testing the strength of a new rally.
Fluor and Medpace are IBD Leaderboard stocks.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average moved down 0.7%, and the S&P 500 lost 0.75%. And the tech-heavy Nasdaq composite fell 1% with Nvidia (NVDA) leading the declines.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1% and the SPDR S&P 500 ETF (SPY) traded down 0.7% early Thursday.
The 10-year Treasury yield rose to 3.39% Thursday morning, retaking a small portion of Wednesday’s tumble to 3.37%.
Oil prices rebounded Thursday, taking West Texas Intermediate futures back above $80 a barrel. On Wednesday, WTI futures ended an eight-day runup, reversing after reaching their highest level since early December.
Stock Market Rally
On Wednesday, the Dow Jones Industrial Average sold off 1.8%, and the S&P 500 lost 1.6%. The Nasdaq Composite moved down 1.2%, snapping a seven-day win streak.
Wednesday’s The Big Picture column cautioned, “On a practical level, it’s time to throttle back on stocks. Exposure should remain 20% to 40%, although much depends on the success of breakouts. While dozens of quality stocks have made it out of bases, MarketSmith’s list of recent breakouts shows fewer than 10 still up more than 5% from buy points.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market rally.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Amgen, Chevron, Walmart
Drug giant Amgen is shaping a flat base that has a 296.77 buy point, according to IBD MarketSmith pattern recognition. First, Amgen shares must retake their 50-day line, which is a key resistance level to watch. AMGN shares fell 1% early Thursday.
Energy giant Chevron fell back below its 50-day line during Wednesday’s 1.8% tumble, as it remains below a flat base’s 189.78 buy point. Chevron’s fourth-quarter earnings are due Jan 27. CVX shares lost 0.4%, despite the rise in oil prices.
CVX stock shows a solid 93 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
Discount retailer Walmart fell further below its 50-day line after Wednesday’s 2.5% loss. Shares are building a cup-with-handle base that has a 154.74 buy point. Walmart shares edged 0.2% higher Thursday morning.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Top Stocks To Buy And Watch: Fluor, Medpace
IBD Leaderboard stock Fluor is trying to break out past a flat base’s 36.16 buy point, but shares gave up their buy point during Tuesday’s 3.4% drop. If shares retake that entry, the 5% buy area tops out at 37.97. FLR stock fell 0.65% early Thursday.
Back story: Fluor manages big infrastructure projects in the oil and gas, chemical, mining and transport industries. This is an earnings turnaround play. A poor EPS Rating reflects net losses in 2019 and 2020 and a dip in profit expected in 2022 to 86 cents a share. Analysts, however, see earnings vaulting 95% next year to $1.68 a share.
Medpace inched higher Wednesday, edging closer to a consolidation’s 235.82 buy point. Last week, shares moved above an early entry at 220.09. The company’s earnings results are expected on Feb. 13. Medpace shares dropped 0.6% early Thursday.
Back story: Medpace is a clinical contract resource organization, or CRO. It helps drugmakers run the clinical studies needed to gain approval for new medicines. In the third quarter, the company issued a bullish outlook for 2023, calling for 18% sales growth at the midpoint of its guidance.
Monster, Vertex Trace Flat Bases
Monster Beverage is fighting for support around its 50-day line amid Wednesday’s 1.4% decline. Shares are tracing a flat base with a 104.75 buy point. MNST stock was down 0.3% Thursday.
Back story: Monster Beverage leads an energy-drink duopoly with privately held competitor Red Bull. The company’s portfolio of energy drink brands include Monster Energy, Reign and NOS Energy.
Monster dominates energy drinks in the U.S. and claimed a 39% market share last year, according to Jefferies data, resulting in a record $5.5 billion in revenue for the company. Red Bull accounted for 37% of the American energy drink market in 2021. Rising challenger Celsius (CELH), which is on an impressive growth streak, claimed 4.9% of the market.
Wednesday’s IBD Stock Of The Day, Vertex Pharmaceuticals, is approaching a 324.85 buy point in a flat base after bullishly retaking its 50-day line this week. VRTX stock was down 0.8% Thursday.
Back story: The company is well-known for its cystic fibrosis treatments — a market that Vertex estimates at 88,000 patients. Of those, there are still 20,000 patients who could receive its old-school oral treatments. But analysts are watching for what’s new from Vertex, including an updated regimen of three drugs that could strengthen Vertex’s position against rival AbbVie (ABBV).
Stocks To Buy And Watch In Stock Market Rally
These are seven top stocks to buy and watch in today’s stock market, including three Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Base |
|---|---|---|---|
| Monster | (MNST) | 104.75 | Flat base |
| Fluor | (FLR) | 36.16 | Flat base |
| Vertex | (VRTX) | 324.85 | Flat base |
| Medpace | (MEDP) | 235.82 | Consolidation |
| Amgen | (AMGN) | 296.77 | Flat base |
| Chevron | (CVX) | 189.78 | Cup base |
| Walmart | (WMT) | 154.74 | Cup with handle |
Source: IBD Data As Of Jan. 19, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded 2.1% Wednesday, giving up a part of Tuesday’s 7.4% surge. Despite their recent rebound, shares remain sharply below their 50- and 200-day lines. In early January, shares hit a 52-week low at 101.81. Tesla stock closed Wednesday about 66% off its 52-week high. Tesla earnings are due out Jan. 25.
Shares of the EV giant looked to bounce back from Wednesday’s losses, but fell around 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares dropped 0.5% Wednesday, closing at their highest level since Dec. 15. The stock remains around 24% off its 52-week high. Apple will report its quarterly earnings on Feb. 2. AAPL stock traded down 0.7% Thursday.
Microsoft stock slipped 1.9% Wednesday, snapping a seven-day win streak. The software giant is about 25% off its 52-week high. MSFT earnings are due out Jan. 24. Shares traded 1.3% lower early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
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MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
Dow Jones Rallies 300 Points On Jobless Claims; Tesla Stock Surges On Reiterated Buy Rating
The Dow Jones Industrial Average rallied 300 points Thursday after initial unemployment claims data from the Labor Department exceeded estimates. And Tesla stock surged as Morgan Stanley reiterated an overweight rating with a reduced price target.
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Weekly unemployment figures showed first-time claims rose to 225,000 vs. 216,000 in the previous week, higher than Econoday estimates for a rise to 222,000. Claims have been up and down in recent weeks, but generally trending lower since a mid-November high of 241,000.
On the earnings front, chicken egg distribution giant Cal-Maine Foods (CALM) reported Wednesday after the close. Shares declined more than 4% in morning trade. CALM stock ended Wednesday below a 62.74 buy point after two days of losses.
Electric-vehicle leader Tesla (TSLA) raced almost 7% higher Thursday as Morgan Stanley affirmed its overweight rating on the stock, despite a price target cut. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) traded higher after today’s stock market open.
Cardinal Health (CAH), Medpace (MEDP), IBD Leaderboard stock Neurocrine Biosciences (NBIX) and Texas Roadhouse (TXRH) — as well as Dow Jones names Amgen (AMGN), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to consider for investor watchlists. Keep in mind the recent market weakness should keep investors on the sidelines.
Neurocrine is an IBD Leaderboard stock. Caterpillar and Medpace were recent IBD Stock Of The Day companies. And Cardinal Health is featured in this week’s Stocks Near A Buy Zone column.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average moved up 0.9%, and the S&P 500 gained 1.4%. The tech-heavy Nasdaq composite rallied 1.8% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.1% and the SPDR S&P 500 ETF (SPY) moved up 0.8% early Thursday.
The 10-year Treasury yield ticked lower to 3.86% Thursday morning, with the yield moving further above its 50-day line after three days of gains.
Meanwhile, U.S. oil prices traded almost 2% lower Thursday, as West Texas Intermediate futures back away from resistance just above $79 a barrel, following a two-week advance. The Energy Information Administration will provide weekly information on oil inventories at 11 a.m. ET.
Stock Market Correction
On Wednesday, the Dow Jones Industrial Average sold off 1.1%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq composite was hardest hit, declining 1.35%.
Wednesday’s The Big Picture column commented, “Perhaps more importantly, amid generally quiet trading expected for the remainder of the year, price matters more lately. And the size of the price declines continued to stay weighty. Moreover, the loss of most gains by key equity indexes since an Oct. 21 follow-through day means that it’s still very hard to make money going long.”
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Amgen, Caterpillar, Chevron
Drugmaker Amgen continues to trace a flat base amid a three-week losing streak. And shares are further below their 50-day line after more losses Wednesday. For now, the correct buy point is 296.77, but the stock needs to decisively retake its 50-day first. AMGN stock is up more than 16% for the year through Wednesday. Shares traded 0.5% higher Thursday.
Dow Jones member Caterpillar finished below a 239.95 buy point in a flat base Wednesday, according to IBD MarketSmith pattern recognition. If the stock retakes the entry, the buy zone goes up to 251.95. Bullishly, the stock’s relative strength line, a key technical indicator, is at new highs. CAT stock has a year-to-date gain of almost 16%. Shares moved up 0.5% Thursday.
CAT stock shows a strong 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
Energy giant Chevron is testing its 50-day line amid Wednesday’s 1.5% drop, as the stock continues to trace the right side of a flat base that has a 189.78 buy point. CVX stock is the Dow’s year-to-date leader, up more than 50%. Shares were slightly lower Thursday morning, amid the weakness in oil prices.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: Cardinal Health, Medpace, Texas Roadhouse
Cardinal Health, a recent IBD Stock Of The Day, is holding close to a 81.67 buy point in a flat base. Shares declined 0.7% Wednesday. CAH stock was up 0.3% Thursday.
Medpace bounced sharply from its 50-day line last week, with a gain of 3.3%. But the stock gave up a big part of those gains during Tuesday’s 2% fall and is once again trying to find support. For now, the correct buy point looms at 235.82, but an earlier entry at 220.09 is also in play. MEDP stock was up 1.5% Thursday.
Texas Roadhouse shows a new buy point at 101.85 in a flat base, but is now consolidating below its 50-day line. The restaurant leader will look to recover that key benchmark over the coming sessions, but two straight days of sharp losses isn’t constructive. TXRH stock traded up 0.1% Thursday morning.
IBD Leaderboard stock Neurocrine slipped 0.2% Wednesday, again testing support around its 50-day level. A recent bounce off that 50-day line was bullish for the stock’s prospects, but now shares are back at that key area. NBIX stock was up 0.3% Thursday.
Stocks To Watch
These are six top stocks to watch in today’s stock market, including three Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Base |
|---|---|---|---|
| Cardinal Health | (CAH) | 81.67 | Flat base |
| Medpace | (MEDP) | 235.82 | Consolidation |
| Texas Roadhouse | (TXRH) | 101.85 | Flat base |
| Caterpillar | (CAT) | 239.95 | Flat base |
| Chevron | (CVX) | 189.78 | Flat base |
| Amgen | (AMGN) | 296.77 | Flat base |
Source: IBD Data As Of Dec. 28, 2022
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock snapped a seven-day losing streak Wednesday, reversing higher and rallying 3.3% after hitting a 52-week low at 108.76. Shares closed about 72% off their 52-week high.
Shares looked to continue their rebound Thursday morning, racing nearly 7% higher.
Late Wednesday, Morgan Stanley analyst Adam Jonas lowered the firm’s price target from 330 to 250, while keeping an overweight rating on TSLA stock. He believes 2023 is “shaping up to be a ‘reset’ year for the EV market,” and Tesla is in position to extend its lead over the competition.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 3.1% Wednesday, dropping to 125.87, their lowest level since June 2021. The stock is around 32% off its 52-week high and down 29% since the start of the year. Shares rallied 1.7% Thursday morning, as the Wall Street Journal reported that iPhone production in China was ramping up after Covid-19 issues.
Microsoft stock dropped 1% Wednesday, falling further below the 50-day line. The software giant is about 32% off its 52-week high with a year-to-date loss of more than 30%. MSFT stock moved up 0.8% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
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How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
Dow Jones Dives On Jobless Claims, GDP; CarMax Plunges On ‘Vehicle Affordability Issues’
The Dow Jones Industrial Average dived more than 400 points Thursday in the wake of first-time jobless claims and another estimate for third-quarter gross domestic product. Chip stocks came under pressure after weak quarterly results from Micron Technology. And CarMax plunged as it reported consumers are starting to balk at car prices.
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The Labor Department said Thursday that initial jobless claims rose to 216,000, below estimates for a rise to 225,000 vs. 211,000 in the prior week. Also, the Commerce Department reported another estimate of third-quarter GDP came in stronger than expected. This third estimate showed growth of 3.2% vs. the second estimate’s 2.9%.
On Friday, investors will shift their attention to more inflation data, with the release of November’s personal consumption expenditures figures.
Micron Technology (MU) dropped more than 3% Thursday. Late Wednesday, the memory-chip maker missed estimates for its fiscal first quarter amid a cyclical downturn. The chip industry bellwether also predicted current-quarter results that were far below analyst views, sending chip stocks to broad early losses.
CarMax (KMX) careened 8% lower, after management said inflation and rising interest rates led to “vehicle affordability issues.” The company fell far short of third-quarter earnings estimates.
Chinese stocks were strong outperformers Thursday morning, as Hong Kong’s Hang Seng Index surged nearly 3% on pledges for new growth initiatives and some easing of international tension. Alibaba (BABA) rose nearly 1%, while JD.com (JD) was unchanged. Pinduoduo (PDD) inched lower.
Electric-vehicle giant Tesla (TSLA) dropped more than 3% Thursday. Dow Jones energy giant Chevron (CVX) fell 0.6% Thursday morning, as U.S. oil prices continue to rise. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) traded lower after today’s stock market open.
IBD Leaderboard stock Neurocrine Biosciences (NBIX), KLA (KLAC), O’Reilly Auto Parts (ORLY) and Texas Roadhouse (TXRH) — as well as Dow Jones names Amgen (AMGN), Caterpillar (CAT) and Home Depot (HD) — are among the top stocks to consider for investor watchlists. Keep in mind the recent market weakness should keep investors on the defensive.
Neurocrine and Texas Roadhouse are IBD Leaderboard stocks. Caterpillar was a recent IBD Stock Of The Day company.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average moved down 1.3%, while the S&P 500 fell 1.6%. The tech-heavy Nasdaq composite lost 2.2% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.8% and the SPDR S&P 500 ETF (SPY) moved down 1.3% early Thursday.
The 10-year Treasury yield ticked lower to 3.67% Thursday morning, on pace to snap a three-day win streak.
Meanwhile, U.S. oil prices traded up nearly 2% Thursday, as West Texas Intermediate futures rose to almost $80 a barrel in morning trade.
Stock Market Rally Under Pressure
On Wednesday, the stock market posted a strong performance, with the Dow Jones Industrial Average rallying 1.6%. The S&P 500 and Nasdaq composite both rose 1.5%.
Wednesday’s The Big Picture column commented, “Meanwhile, the new rally attempt faces another inflation data test on Friday. Before the stock market opens, the last traders manning equity desks across the country ahead of the three-day Christmas holiday will be eyeing closely the November personal consumption expenditures figures.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Watch: Amgen, Caterpillar, Home Depot
Drugmaker Amgen is building a new flat base following a big advance into the middle of November. But shares are below their 50-day line after sharp losses in recent weeks. For now, the correct buy point is 296.77, but the stock needs to decisively retake its 50-day first. AMGN stock traded down 0.8% Thursday.
Dow Jones member Caterpillar broke out past a 239.95 buy point in a flat base, according to IBD MarketSmith pattern recognition, during Wednesday’s 2.8% breakout move. Bullishly, the stock’s relative strength line, a key technical indicator, hit a new high. CAT stock lost 1.1% Thursday.
CAT stock shows a strong 97 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
Home improvement retailer Home Depot is about 4% below a cup-with-handle base’s 329.77 buy point after reversing last week’s breakout move. HD stock traded down 1.6% Thursday morning.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: KLA, Neurocrine, O’Reilly, Texas Roadhouse
Chip equipment leader KLA reclaimed its cup-with-handle’s 392.60 entry during Wednesday’s 2.8% advance. KLA shares traded down 3.9% Thursday.
IBD Leaderboard stock Neurocrine rallied for a fourth straight session Wednesday, gaining 1% and continuing to rebound from support at its 50-day level. A strong rebound is bullish for the stock’s immediate prospects and would likely lead to the formation of a new base. NBIX stock added 0.4% Thursday.
O’Reilly Auto Parts is also finding much-needed support at its 50-day line this week and remains squarely above a 750.98 flat-base entry. A big rebound off the 50-day line could bring a follow-on entry point, but the market uptrend is under pressure right now, which increases the risk of buying stocks. ORLY shares dipped 1% Thursday.
Texas Roadhouse shows a new buy point at 101.85, but is now consolidating below its 50-day line. The IBD Leaderboard stock will look to recover that key benchmark over the coming days. TXRH stock traded down 1.1% Thursday morning.
Stocks To Watch
These are five top stocks to watch in today’s stock market, including three Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Base |
|---|---|---|---|
| KLA | (KLAC) | 392.60 | Cup with handle |
| Texas Roadhouse | (TXRH) | 101.85 | Flat base |
| Caterpillar | (CAT) | 239.95 | Flat base |
| Home Depot | (HD) | 329.77 | Cup with handle |
| Amgen | (AMGN) | 296.77 | Flat base |
Source: IBD Data As Of Dec. 21, 2022
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock declined 0.2% Wednesday, extending a losing streak to four sessions and hitting another 52-week low. Shares lost more than 3% Thursday morning, marking a fresh 52-week low at 132.28.
On Wednesday, TSLA stock hit a new 52-week low, trading as low as 135.89. Shares closed about 66% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares jumped 2.4% Wednesday, snapping a five-day losing streak. The stock remains near its 52-week low, which was set on June 16 at 129.04. The stock is around 26% off its 52-week high. Shares traded down 1.5% Thursday.
Microsoft rose 1.1% Wednesday, rising for a second straight day and moving further above their 50-day line. The software giant remains about 30% off its 52-week high. MSFT stock moved down 1.6% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
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S&P 500, Nasdaq snap losing streaks after jobless claims rise
Dec 8 (Reuters) – The S&P 500 (.SPX) ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise in weekly jobless claims as a sign the pace of interest rate hikes could soon slow.
Wall Street’s main indexes had come under pressure in recent days, with the S&P 500 shedding 3.6% since the beginning of December on expectations of a longer rate-hike cycle and downbeat economic views from some top company executives.
Such thinking had also weighed on the Nasdaq Composite (.IXIC), which had posted four straight losing sessions prior to Thursday’s advance on the tech-heavy index.
Stocks rose as investors cheered data showing the number of Americans filing claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high toward the end of November.
The report follows data last Friday that showed U.S. employers hired more workers than expected in November and increased wages, spurring fears that the Fed might stick to its aggressive stance to tame decades-high inflation.
Markets have been swayed by data releases in recent days, with investors lacking certainty ahead of Federal Reserve guidance next week on interest rates.
Such behavior means Friday’s producer price index and the University of Michigan’s consumer sentiment survey will likely dictate whether Wall Street can build on Thursday’s rally.
“The market has to adjust to the fact that we’re moving from a stimulus-based economy – both fiscal and monetary – into a fundamentals-based economy, and that’s what we’re grappling with right now,” said Wiley Angell, chief market strategist at Ziegler Capital Management.
The Dow Jones Industrial Average (.DJI) rose 183.56 points, or 0.55%, to close at 33,781.48; the S&P 500 (.SPX) gained 29.59 points, or 0.75%, to finish at 3,963.51; and the Nasdaq Composite (.IXIC) added 123.45 points, or 1.13%, at 11,082.00.
Nine of the 11 major S&P 500 sectors rose, led by a 1.6% gain in technology stocks (.SPLRCT).
Most mega-cap technology and growth stocks gained. Apple Inc (AAPL.O), Nvidia Corp (NVDA.O) and Amazon.com Inc (AMZN.O) rose between 1.2% and 6.5%.
Microsoft Corp (MSFT.O) ended 1.2% higher, despite giving up some intraday gains after the Federal Trade Commission filed a complaint aimed at blocking the tech giant’s $69 billion bid to buy Activision Blizzard Inc . The “Call of Duty” games maker closed 1.5% lower.
The energy index (.SPNY) was an exception, slipping 0.5%, despite Exxon Mobil Corp (XOM.N) gaining 0.7% after announcing it would expand its $30-billion share repurchase program. The sector had been under pressure in recent sessions as commodity prices slipped: U.S. crude is now hovering near its level at the start of 2022.
Meanwhile, Moderna Inc (MRNA.O) advanced 3.2% after the U.S. Food and Drug Administration authorized COVID-19 shots from the vaccine maker that target both the original coronavirus and Omicron sub-variants for use in children as young as six months old.
The regulator also approved similar guidance for fellow COVID vaccine maker Pfizer Inc (PFE.N), which rose 3.1%, and its partner BioNTech, whose U.S.-listed shares gained 5.6%.
Rent the Runway Inc (RENT.O) posted its biggest ever one-day gain, jumping 74.3%, after the clothing rental firm raised its 2022 revenue forecast.
Volume on U.S. exchanges was 10.07 billion shares, compared with the 10.90 billion average for the full session over the last 20 trading days.
The S&P 500 posted 15 new 52-week highs and three new lows; the Nasdaq Composite recorded 82 new highs and 232 new lows.
Reporting by Shubham Batra, Ankika Biswas, Johann M Cherian in Bengaluru and David French in New York; Editing by Vinay Dwivedi, Sriraj Kalluvila, Anil D’Silva and Richard Chang
Our Standards: The Thomson Reuters Trust Principles.
Latest weekly jobless claims jump to 240,000
Minneapolis
CNN Business
—
First-time weekly claims for unemployment benefits jumped to 240,000 for the week ended November 19, according to data released Wednesday by the Bureau of Labor Statistics. That’s a sharp increase of 17,000 from the previous week’s upwardly revised tally of 222,000, and surpasses economists’ expectations of 225,000.
Continuing claims, which count people who have filed for jobless aid for at least two weeks in a row, rose to 1.55 million for the week ending November 12.
The number of unemployment claims have been hovering near historic lows due to a labor market that has remained considerably tight even as workers flooded back after the end of pandemic-era lockdowns.
But that could be changing – and in short order: Large companies, notably some of the biggest names in tech, have started conducting mass layoffs.
This is a developing story. It will be updated.
Latest jobless claims fall to 193,000, underscoring still-tight labor market
Minneapolis
CNN Business
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The number of first-time claims for unemployment benefits dropped considerably last week, underscoring how employers are holding on tightly to workers as the labor market remains full of opportunities for job hunters.
Initial claims for unemployment insurance were 193,000 for the week ended September 24, down 16,000 from a downwardly revised total of 209,000 claims from the prior week, according to Labor Department data released Thursday.
Economists had forecast 215,000 weekly applications would be filed, according to estimates on Refinitiv.
The last time weekly claims fell below 200,000 was in early May.
The Labor Department said the number of continuing jobless claims for the week ended September 17 dropped by 29,000 to just under 1.35 million, the lowest level since the beginning of July.
The job market has remained robust this year despite recession fears and the Federal Reserve’s aggressive efforts to knock down high inflation. After the pandemic hurled the economy and labor market into upheaval, employers — especially those in service industries — have struggled to regain their pre-pandemic employment levels.
In July, there were two job openings for every person looking for a job, according to monthly data from the Bureau of Labor Statistics.
The central bank wants more slack in the labor market, since tight employment pushes up wages and keeps inflation elevated. But as the unemployment rate rises, workers lose that bargaining power for higher wages, and households pull back on spending.
When the Fed announced its latest rate hike last week, it also released projections that unemployment could grow to 4.4% next year. Assuming no change in the labor force, that would mean 1.2 million more people would be unemployed.
Weekly jobless claims data is subject to revisions.
Bed, Bath & Beyond plunges, jobless claims and more: Thursday’s 5 things to know
Northwestern Mutual Wealth Management CIO discusses the shift in consumer spending and if the recession will deepen on ‘The Claman Countdown.’
Here are the key events taking place on Thursday that could impact trading.
BED, BATH & BEYOND: Shareholders of the retailer have been on a rollercoaster ride the past couple of days. Shares are 12% lower in premarket trading following an earlier 45% surge. At the root of the wild swings is investor and GameStop Chairman Ryan Cohen who filed for a proposed sale of his stake in the struggling home goods retailer.
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 on Tuesday bought call options expiring in January 2023 on 1.67 million shares with a strike price ranging from $60 to $80.
BED BATH & BEYOND SLIDES AFTER RYAN COHEN FILES FOR STAKE SALE
Bed Bath and Beyond store sign. (iStock / iStock)
On Wednesday, the shares rose to $30 and closed down at $23.08. The stock had lost more than 60% of its value in June and July.
WOLFSPEED: Shares of the chipmaker are gaining 22% in premarket trading. The developer of wide bandgap semiconductors, focused on silicon carbide and gallium nitride materials topped Wall Street revenue and profit estimates. Revenue rose 57% to $228.5 million in the fiscal fourth quarter ended June 26. The analyst estimate was $207.8 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WOLF | WOLFSPEED | 85.65 | -2.94 | -3.32% |
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.
TARGET CEO ON RETAILER’S INFLATION, INVENTORY PROBLEMS
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. In the afternoon, watch for results from discount department store chain Ross Stores, along with semiconductor equipment maker Applied Materials.
JOBLESS CLAIMS: The Labor Department will release its tally of new claims for unemployment benefits for last week, 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.
Someone completing an unemployment benefits form. (iStock / iStock)
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to nudge higher for a third month to 1.438 million.
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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.
A home sits for sale in Geneva, Illinois, June 23, 2009. (REUTERS/Jeff Haynes / Reuters Photos)
That would be the sixth straight monthly drop, and the lowest reading in more than two years. It would also mark a 24.6% decline from January when sales were humming along at a 6.49 million annual pace.