Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Wall Street stumbles into midday despite jobless data surprise

% of readers think this story is Fact. Add your two cents.

12:32pm: Traders weigh Fed meeting against jobless claims expectations beat

The Dow swooned 371 points, more than 1%, to 33,663 at midday. The Nasdaq hit a morning high of 14,196 but has since fallen to 14,069, a gain of 29 points, or 0.2%. The S&P 500 lost 24 points, 0.6%, to 4,199.

“A volatile start to the US session has highlighted the difficulties faced by markets, with a rare rise in jobless claims highlighting how traders are unsure how economic surprises should be treated,” IG Senior Market Analyst Joshua Mahony wrote. ”Yesterday’s FOMC meeting served as a rude awakening for the markets, with the presumption that monetary policy would remain accommodative in spite of rising inflation being severely undermined.”

10am: Proactive North America headlines:

Revive Therapeutics Ltd (CSE:RVV) (OTCMKTS:RVVTF) (FRA:31R) collaborates with University of Health Sciences Antigua to pioneer clinical development of psychedelics

GameSquare Esports Inc (CSE:GSQ) (FRA:29Q1) company GCN forges new commercial partnership with Crossovr Collective and The Drew League

American Battery Metals Corporation (OTCQB:ABML) receives unanimous approval for a Conditional Use Permit regarding a forthcoming lithium-ion battery recycling plan

LexaGene Holdings Inc (OTCQB:LXXGF) (CVE:LXG) (FRA:5XS2) says its MiQLab diagnostic testing system can detect the pathogen that causes plague

Victory Square Technologies Inc‘s (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) portfolio company GameOn secures exclusive partnership to bring cricket prediction games to Indian entertainment app

Atlas Engineered Products Ltd (CVE:AEP) (OTCMKTS:APEUF) updates on organic growth initiatives at its newest acquisition, Novum Building Components

Neo Lithium Corp (CVE:NLC) (OTCQX:NTTHF) (FRA:NE2) achieves 99.9% purity of battery-grade lithium carbonate at 3Q pilot plant

Lingo Media Corporation’s (CVE:LM) (OTCMKTS:LMDCF) (FRA:LIMA) subsidiary unveils Ola mobile app to aide English language learners on the go

Else Nutrition Holdings Inc (CVE:BABY) (OTCMTKS:BABYF) (FRA:0YL) introduces plant-based protein shakes for kids

Fobi AI Inc (CVE:FOBI) (OTCQB:FOBIF) finds a new VP in multi-faceted product expert Jolie Summers

Algernon Pharmaceuticals Inc (CSE:AGN) (FRA:AGW) (OTCQB:AGNPF) targets first human study for its DMT stroke program in 4Q 2021

C3 Metals Inc (CVE:CCCM) (OTCMKTS:CARCF) set for geophysics surveys at Peru project to investigate deeper copper porphyry potential

KULR Technology Group Inc (NYSEAMERICAN:KULR) gets special permit from DoT authorizing transport of prototype lithium cells and batteries for commerce

Metalla Royalty & Streaming Ltd (CVE:MTA) (NYSEAMERICAN:MTA) (FRA:X9C) buys royalty on part of Côté project, set to become one of Canada’s largest gold mines

9:37am: Wall Street makes slow start

The main indices on Wall Street started Thursday’s session on a somewhat static note following worse than expected jobless claims data.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.03% at 34,044, while the S&P 500 inched up 0.02% to 4,224 and the Nasdaq dropped 0.07% to 14,029.

The mostly neutral start followed an 37,000 increase in weekly US jobless claims to 412,000 last week, confounding analysts who had expected a drop to 360,000 from 376,000 the previous week.

This is the first rise since late April.

The four week moving average, however, was down 8,000 to 395,000, the lowest level since March 14 last year.

7:40am: Wall Street set for lower start

Wall Street is expected to open lower after the US Federal Reserve last night revealed itself to be more hawkish on interest rates and the strength of the economy than had been expected.

Sophie Griffiths, market analyst at Oanda, said: “The US central bank now expects two interest rate hikes in 2023, up from zero in the last meeting. Even more significantly, seven policymakers out of 17 expect at least one hike in 2022. The Fed upwardly revised its growth and inflation outlook. In short, the Federal Reserve sees the US economy recovering at a faster pace than before, warranting an acceleration towards policy normalisation.”

In the wake of the Fed meeting, the three main US indices fell back and are forecast to continue that trend today.

The Dow Jones Industrial Average is set to drop 95 points or 0.27% while the S&P 500 is expected to lose 0.31% and the Nasdaq Composite is indicated 0.48% lower.

The main data for the day is the weekly jobless claim numbers.

The number of Americans seeking unemployment benefit is forecast to keep falling, down to 360,000 last week from 376,000 the previous week.

Elsewhere CureVac BV is down 46% in pre-market trading on Nasdaq after the German pharmaceutical group revealed disappointing results for its COVID-19 vaccine. Its jab is only 47% effective, one of the worst results from any of the current crop of vaccines.

Four things to watch for on Thursday:

  • Companies in the earnings diary today include software firm Adobe Inc (NASDAQ:ADBE), grocery giant Kroger Co (NYSE:KR) and design engineering group Jabil Inc (NYSE:JBL)
  • Genetics firm 23andMe will be in focus as the company begins its first day of trading on the Nasdaq
  • Aircraft maker Boeing Co (NYSE:BA) may also draw attention after its troubled 737 MAX plane was hit with demands for repeated tests on its flight control systems by the US aviation regulator
  • On the macro front, aside from the jobless figures, there will also be the latest Philly manufacturing index for investors to take a look at

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.