US Stock Market Overview – Stock Close Mixed as IPO’s Remain Scorching HotJobless claims rise more than expected
US stocks were mixed on Thursday, as the IPO market continues to grab headlines. Following the surge in Door Dash, which launched its IPO on Wednesday and subsequently rose 80%, Airbnb launched its IPO on Thursday. The shares opened at $146 per share on its first day of trading, more than doubling the $68 per share price set for its IPO the day before. US CPI came in slightly hotter than expected on Thursday, while jobless claims disappointed and rose more than expected. Sectors in the S&P 500 index were mixed, led by Energy shares; materials were the worst-performing sector in the S&P 500 index. Oil prices surged giving a list to energy shares, while the dollar eases slightly.
Airbnb Surges on First Trading Day
Airbnb’s hotly-anticipated tech IPOs did not disappoint. The opening price gave Airbnb a market value of more than $87 billion. Shares have continued to surge more than 115%. That puts Airbnb past the market cap of travel giant Booking, which has a valuation of more than $86 billion. Competitor Expedia has a market cap of more than $18 billion. Its market cap far surpasses hotel chains as well, such as Marriott and Hilton, which hold market caps of more than $42 billion.
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CPI Rose More than Expected
According to the Labor Department, the consumer price index rose 0.2% month over month after no change in October. Compared with a year earlier, the gauge rose 1.2%. The core CPI index, which excludes volatile food and energy costs, also advanced 0.2% from the prior month and increased 1.6% from a year earlier. Expectations had been for a monthly rise of 0.1%. For the 12 months, CPI was expected to rise by 1.1%.
Jobless Claims Rose Morethan Expected
US jobless claims totaled 853,000, an increase from the upwardly revised 716,000 according to the Labor Department. Expectations had been for shares to edge up to 730,000. Continuing claims increased by 230,000 to 5.76 million, the first time that number has gone up since late August.