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Wall Street lower at noon as jobless claims unexpectedly rise

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12.15pm: US stock markets lower at midday as jobless claims spook traders

US stocks were down at noon as US jobless claims during the past week unexpectedly jumped to 419,000, well above consensus estimates of 360,000.

The Dow Jones Industrial Average slipped 65 points at 34,733, while the broader-based S&P 500 eased nearly 5 at 4,354.

The tech heavy Nasdaq was essentially flat, off 9 points to stand at 14,623. 

“The truth is investors have been very spoiled by the recent stock market performance,” LPL Financial chief market strategist Ryan Detrick wrote. 

“Incredibly, we haven’t seen as much as a 5% pullback since October. Although we firmly think this bull market is alive and well, let’s not fool ourselves into thinking trees grow forever. Risk is no doubt increasing as we head into the troublesome August and September months,” Detrick added.

On the corporate front, investors were still digesting disappointing results on Wednesday from streaming giant Netflix (NASDAQ:NFLX), as its shares were off about 1% on Thursday to $507.21 after falling more than 3% a day earlier.  

10.30am: Proactive North America headlines:

Great Panther Mining reveals new drill results from Urucum North deposit that could add near-term gold production at Tucano mine

TRACON Pharmaceuticals (NASDAQ:TCON) upsizes bought deal offering of stock to $15M due to strong demand

Versus Systems partners with Military Bowl Foundation to provide interactive fan experiences

Marble Financial surpasses 20,000 member milestone on the MyMarble financial wellness platform

Major Precious Metals closes final tranche of its C$10M placing to advance Skaergaard drill program

Psyched Wellness (CSE:PSYC, FRA:5U9, OTCQB:PSYCF) Ltd completes largest AME-1 extraction to date to support preclinical studies on Amanita-derived products

Ketamine One (NEO:MEDI) Capital Limited (LSE:CAPD, FRA:C8D) says its IRP clinic using NeuroCatch Platform to measure brain function in injured veterans

Else Nutrition Inc (OTCQX:BABYF, TSX-V:BABY) to make a strong push into Louisiana, Mississippi, Alabama through Rouses Markets

Group Eleven Resources kicks of maiden drill program at Zones 3 and 4 at Carrickittle zinc prospect in Ireland

Vox Royalty (TSX-V:VOX) (TSX-V:VOX) Corp updates on more recent news from royalty partners, which should unlock value

Plurilock Security Inc awarded US$217,000 purchase order from a California state retirement fund manager

First Cobalt (TSX-V:FCC, OTCQX:FTSSF) Corp recovers nickel, copper and lithium from battery recycling test work

9.40am: Wall Street opens mixed

The main indices on Wall Street opened on a mixed note on Thursday following an unexpected rise in US jobless claims numbers.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.15% at 34,745 while the S&P 500 inched up 0.05% to 4,360 and the Nasdaq rose 0.25% to 14,668.

The uncertain start followed news that the number of Americans seeking unemployment benefits rose to 419,000 last week from 368,000 the previous week, upending analyst predictions of a drop to 350,000.

The increase keeps weekly claims near their level of two months ago, which means there has been little improvement despite signs of the job market recovering.

7:45am: Wall Street to open higher

Wall Street is set for a positive start, with the Dow Jones Industrial Average looking at a third day of gains.

The Dow is forecast to rise by 97 points or 0.27% at the open, while the S&P 500 is expected to climb 0.23% and the Nasdaq Composite is indicated 0.17% higher.

A generally positive reporting season seems to have persuaded investors to shrug off concerns about the Delta variant.

That has continued today to a degree, with AT&T shares up 1.4% in premarket after its results beat forecasts.

But Texas Instruments Inc (NYSE:TXN) is down 4.9%. It too did better than expected in the second quarter but its outlook for the third quarter missed analyst targets, amid a global chip shortage.

After the market closes, results from Twitter Inc (NYSE:TWTR) are due.

Meanwhile, US weekly jobless claims are expected to show a dip from 360,000 to 350,000.

Four things to watch for on Thursday:

  • Notable firms in the earnings diary today include computer processor maker Intel Corp (NASDAQ:INTC), healthcare firm Abbott Laboratories (NYSE:ABT) (NYSE:ABT) and medical device maker Danaher (NYSE:DHR) Corp (NYSE:DHR)
  • Video game publisher Activision Blizzard Inc (NASDAQ:ATVI) is likely to draw attention after it was hit with a lawsuit by the state of California over an alleged “frat boy culture” at the group as well as harassment and discrimination against women
  • Meanwhile, shares in chemical firm Dow Inc (NYSE:DOW) could also be in focus after the group swung into profit amid better than expected
  • On the macro front, aside from US jobless claims there may be some interest in more home sales data

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/955721/wall-street-lower-at-noon-as-jobless-claims-unexpectedly-rise-955721.html


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