NYSE President Stacey Cunningham provides insight into record market highs, the abolition of China companies, and the IPO market.
U.S. stock markets slipped Thursday as investors checked both cautious remarks from the Federal Reserve and a spike in the number of first-time unemployed registrations, which jumped back above $ 1 million.
The Dow Jones Industrial Average fell 89 points, or 0.32%, while the S&P 500 fell 0.22%. The Nasdaq Composite reversed previous losses to climb 0.18%
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE | 27649 | -43.88 | -0.16% |
| SP500 | S&P 500 | 3375.06 | +0.21 | + 0.01% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11186.588857 | +40.13 | + 0.36% |
The early weakness comes after minutes of the Federal Reserve meeting in July showed that central bank policymakers feared that the lack of government assistance could stop the comeback of the economy. The minutes lead Wednesday to a late-day selloff that wiped out the gains of the big averages.
Looking at economic data, initial unemployment initials for the week ended August 15th. Tap up to 1.106 million from a revised 971,000. Continuing claims meanwhile fell to 14.844 million from 15.48 million. Wall Street analysts surveyed by Refinitiv expect a total of 925,000 initial claims and 15 million ongoing claims.
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Looking for shares, American Airlines Inc. stopped. flights to 15 cities in October because demand remains high during COVID-19.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 12.44 | -0.24 | -1.93% |
| DAL | DELTA AIR LINES INC. | 27.20 | -0.47 | -1.70% |
| CVS | CVS HEALTH CORPORATION | 64.26 | -1.02 | -1.56% |
Rival Delta Air Lines Inc. announced a partnership with CVS Health Corp. for rapid COVID-19 tests.
Elsewhere, Apple Inc. shares remain in focus after the tech giant became the first U.S. company to reach a $ 2 trillion market capitalization on Wednesday. Shares, however, could not close above the $ 467.77 level needed to maintain it.
Looking at profits, Alibaba Group’s core e-commerce returned to pre-COVID-19 levels as its profit jumped 143% from a year ago.
Meanwhile, chipmaker Nvidia Corp. reported. better than expected numbers of top and bottom line, but an underwhelming performance of its data center business left some investors dissatisfied.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| AAPL | APPLE INC. | 468.54 | +5.71 | + 1.23% |
| BABY | ALIBABA GROUP HOLDING LTD | 255.47 | -5.12 | -1.96% |
| NVDA | NVIDIA CORPORATION | 485.93 | +0.39 | + 0.08% |
BJ’s Wholesale Club Inc. said quarterly earnings grew 96% from last year as digital-enabled sales jumped more than 300%.
L Brands reported a surprise profit when customers stocked up on soap and sanitizer by hand from their Bath & Body Works unit. Sales at lingerie maker Victoria’s Secret dropped 39%.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| BJ | BJS WHSL CLUB HLDGS INC | 43.81 | +0.41 | + 0.96% |
| LB | L BRANDS INC. | 30.46 | +1.99 | + 6.99% |
Looking at goods, gold fell $ 31.60 to $ 1,938.70 an ounce and West Texas Intermediate crude oil slipped 94 cents to $ 41.99 per barrel.
US Treasuries were modestly higher, pushing the yield on the 10-year note with 2.9 basis points to 0.646%.
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In Europe, Britain’s FTSE slowed down, by 1.24%, while France’s CAC and Germany’s DAX were down 1.12% and 1.03% respectively.
Asian markets were above the whole army as Hong Kong’s Hang Seng fell 1.54%, China’s Shanghai Composite slipped 1.3% and Japanese Nikkei shook 1%.
