Stock indices finished today’s trading session mixed. Indeed, the Dow Jones Industrial Average (DJIA) gained 0.17%, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) fell 0.32% and 0.73%, respectively.
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The technology sector (XLK) was the session’s laggard, as it fell 1.48%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 1.29%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.25%, a drop of three basis points. Similarly, the Two-Year Treasury yield also fell, as it hovers around 4.95%.
Last updated: 12:00PM EST
Stocks are mixed so far in today’s trading session as investors weigh new economic data (see previous update). In addition, WTI crude oil is slightly higher today as it hovers above $87 per barrel. Interestingly, its recent uptrend has not led to prices at the pump gaining upward momentum across the country.
Indeed, the national average for regular gas was last $3.803 per gallon, down from last week’s reading of $3.825. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.359 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.279 per gallon
Last updated: 9:30AM EST
Stocks opened lower on Thursday morning, with the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) down by 1.1%, 0.74%, and 0.02%, respectively, at 9:30 a.m. EST, September 7.
The jobless claims data on Thursday indicated that initial jobless claims fell by 13,000 to 216,000 in the week ending September 2 – their lowest level since mid-Februray. This was much lower than economists’ forecasts of 230,000. Jobless claims have continued to fall for four weeks in a row.
In the week ending August 26, the number of people collecting jobless benefits dropped by 40,000 to 1.68 million. The four-week moving average of initial claims has continued to decline and fell by 8.500 to 229,500.
Meanwhile, the productivity data for the second quarter indicated that productivity was revised lower to 3.5% as compared to a consensus forecast of 3.6%. However, unit labor costs went up by 2.2%, which was above consensus estimates of a rise of 1.7%.
First published: 4:12AM EST
U.S. Futures are trending down on Thursday morning as investors turn their eyes to the all-important FOMC meeting due September 19-20. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.47%, 0.29%, and 0.19%, respectively, at 4:00 a.m. EST, September 7.
The three major stock averages finished yesterday’s trading session in the red as investors digested a mixed bag of economic news. Today’s focus will be on the speeches by several Federal Reserve officials. Traders will keenly listen to any cues on the future course of monetary policy and the overall health of the economy.
In terms of earnings results, shares of ChargePoint (CHPT) dropped 11% in after-hours trading after Q2FY24 earnings missed expectations. On the contrary, shares of C3.ai (AI) fell in after-hours trading despite beating earnings and sales estimates. Also, GameStop (GME) gained in extended trading after beating the consensus estimates on both the top and bottom lines. Among the notable companies reporting earnings today are DocuSign (DOCU), Smartsheet (SMAR), and Semtech (SMTC).
Meanwhile, the Initial Jobless Claims for the week ending September 2 will be released today. Experts project 234,000 jobless claims in the last week, higher than the 228,000 claims received in the previous reading.
Elsewhere, European indices are trading in the red today as traders anticipate the euro zone’s revised Q2 GDP figures and employment rate data.
Asia-Pacific Markets End Lower on Thursday
Asia-Pacific indices ended in the red on Thursday, following economic releases from China and Australia. China’s imports and exports for August declined 7.3% and 8.8% year-over-year, respectively.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices closed lower by 1.29%, 1.13%, and 1.84%, respectively.
Similarly, Japan’s Nikkei and Topix indices finished down by 0.75% and 0.38%, respectively.
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