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Wall Street to head lower ahead of jobless data

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The main US indices are heading for a sluggish start on Thursday as investors awaited the latest set of jobless claims data.

Spread-better quotes expect the Dow Jones Industrial Average to shed 94 points at the opening bell, while the S&P 500 is expected to drop 13 points and the Nasdaq is predicted to slide 95 points.

The weekly jobless claims are expected to fall from 793,000 to 765,000, with David Madden at CMC Markets UK noting that “should the [jobless] reading fall below 779,000 it would be the lowest level since early December”.

While markets have been driven higher in recent weeks by signs that the economy could be starting to recover from the pandemic, notably vaccine rollouts and good quarterly results, momentum appears to be running out with few catalysts remaining to push equities upwards.

The recent power outages amid brutal winter conditions in Texas may also give some investors cause for concern, particularly in terms of gas and oil prices, which have been pushed higher as Texan oil production is slowed by the freezing weather.

Meanwhile, observers will also be keeping an eye on the Congressional hearing later today concerning the GameStop Corp (NYSE:GME) saga, with testimony due from a number of key actors in the incident including the CEO of trading app Robinhood, the boss of social network Reddit and YouTube investor Roaring Kitten.

Four things to watch for on Thursday:

  • Big names in the earnings diary will include computer chip maker Applied Materials Inc (NASDAQ:AMAT) and utility company Southern Co (NYSE:SO)
  • Retail giant Walmart Inc (NYSE:WMT) will also be in focus after the company unveiled plans for a US$20bn stock buyback despite its earnings falling short of forecasts
  • Tech giants Facebook Inc (NASDAQ:FB) and Google parent Alphabet Inc (NASDAQ:GOOGL) will also be looked at after the former sparked outrage in Australia by banning all news content while the latter struck a deal with Australian news publishers for content
  • Meanwhile, on the macro front investors will be keeping an eye on the latest weekly jobless figures, as well as the Philly Fed manufacturing index

Story by ProactiveInvestors


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