The stock market was lower on Thursday after disappointing data on unemployment applications. Technology stocks did not fall as sharply, thanks to gains in
Tomorrow trade, the
Dow Jones Industrial Average
fell 189 points, or 0.5%, after the index fell 211 points on Wednesday to close at 35,931. That
fell 0.2% while
fell 0.2 per cent. All three indices pointed higher before news of unemployment hit the threads.
Initial unemployment applications were 268,000, slightly worse than expectations at 260,000, but a slight improvement from the previous week’s revised result of 269,000.
Any signal that people are refraining from entering the workforce could raise fears of higher wages and inflation, which could cause the Federal Reserve to raise interest rates.
Keeping technology losses at bay were Nvidia (ticker: NVDA) and Tesla (TSLA), which rose 9.4% and 0.9% respectively. Their total market value of $ 1.8 trillion accounts for about 7% of Nasdaq’s total market value, so large movements in these stocks have a major impact on the movements of the index.
On Wednesday, Nvidia reported a profit of $ 1.17 per share, beating estimates of $ 1.11 per share, at a sale of $ 7.1 billion, above expectations of $ 6.8 billion. The company also expects sales in the current quarter of $ 7.4 billion, higher than the consensus analysts’ forecast of $ 6.9 billion. Next to Nvidia’s gain is
Exchange-Traded Fund (SOXX) rose 0.9 per cent.
Some of the optimism in semiconductors may be related to a higher expected supply of chips, which will help companies live up to sales expectations. “Nvidia delivered strong earnings after the closure, and that helps alleviate some concerns about chip supplies,” wrote Tom Essaye, founder of Sevens Report Research.
Tesla emerges as new public competitor
Rivian Automotive (RIVN) fell 12%, extending its loss of 15% on Wednesday as the stock continued to relinquish some gains following its magnificent IPO last week.
fell 0.3% as traders in Japan await a new economic stimulus package to be released on Friday. The pan-European
dived 0.5 per cent.
Here are five stocks on the way Thursday:
Kohl’s (KSS) stock rose 5.8% after the company reported a profit of $ 1.65 per share. share, beating estimates of 64 cents per share. share, at a sale of $ 4.6 billion, above expectations of $ 4.3 billion.
Macy’s (M) stock rose 16% after the company reported a profit of $ 1.23 per share. share, beating estimates at 31 cents aa share, on a sale of $ 5.4 billion, above expectations to $ 5.2 billion.
Boeing (BA) rose 0.1%, even after capturing upgrades from Wells Fargo Wednesday and recently JPMorgan Chase.
Cisco (CSCO) fell 8.9% after earnings on Wednesday, which included disappointing prospects and outlined challenges with supply chain problems and shortages.
GoPro (GPRO) stock rose 1% after being upgraded to overweight from Neutral at JPMorgan.
Write to Jacob Sonenshine at firstname.lastname@example.org