Belpointe Chief Market Strategist David Nelson and Wealth Enhancement Group Senior Vice President Nicole Webb on investing in coronavirus markets.
U.S. stock markets were mixed Thursday morning after initial unemployment claims fell below 1 million for the first week since coronavirus lockdowns began in mid-March.
The S&P 500, on the brink of an all-time low after ending Wednesday’s session less than six points below its record of 3,386.15, fell 0.23 percent. The intraday high of the index is 3,393.52.
The Dow Jones industrial average fell 92 points, or 0.33 percent, while the Nasdaq Composite rose 0.37 percent.
Initial number of unemployed for the week ended August 8 was a total of 963,000, according to the Department of Labor. The reading marked the first time in 21 weeks that applications were below 1 million and was below the 1.12 million applications that Wall Street analysts surveyed by Refinitiv expected.
Continued claims meanwhile fell by 604,000 to 15.48 million, also better-than-expected.
Looking at equities, Dow component 3M said July sales were up 6% from a year ago as company rose in all of its units.
Fellow Dow component Apple Inc. is preparing a bundle, called “Apple One,” which gives customers who sign up for multiple services of the company a discount, according to Bloomberg. Dealers continue to see the $ 467.77 level that, if it darkens, Apple would be the first U.S. company to make a valuation of $ 2 trillion.
Looking at profits, Cisco Systems reported better-than-expected top- and bottom-line results and laid out a restructuring plan after the COVID-19 pandemic resulted in lower customer spending. Both Cisco’s revenue and revenue forecast disappointed.
Ride-hailing app Lyft said its number of active riders fell 60% year-over-year in the three months through June when customers were sheltered at home amid the COVID-19 pandemic.
The company said it could suspend service in California if ordered by a judge who says the company should consider hiring directors instead of setting up independent contractors.
Coach and Kate Spade-parent Tapestry reported a slower-than-expected loss and said it will focus on its e-commerce platform as it seems to turn around its sagging business.
Looking at goods, gold was down $ 13.30 at $ 1,935.70 an ounce, while West Texas Intermediate crude rose 3 cents to $ 42.70 a barrel.
US Treasuries did not change much, with the yield on the 10-year note holding close to 0.69%.
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European markets traded across the army with the FTSE of Britain down 1.1%, the CAC of France down 0.37% and the DAX of Germany down 0.35%.
In Asia, the Japanese Nikkei climbed 1.78% after a three-month high, while the Shanghai Composite of China grew by 0.04% and the Hang Seng of Hong Kong 0.05%.
