FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
43,004,049Confirmed
1,155,558Deaths
31,709,367Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
US Stocks

The major U.S. stock indexes were down sharply again on Thursday as technology-related shares extended a recent decline and as data showed high levels of weekly jobless claims. Tech-heavyweights Apple Inc and Amazon.com were the biggest drags on the S&P 500 and NASDAQ Composite, which entered correction territory earlier this month.

In the cash market, the benchmark S&P 500 Index settled at 3357.01, down 28.48 or -0.84%. The blue chip Dow Jones Industrial Average finished at 27901.98, down 130.40 or -0.47% and the tech-weighted NASDAQ Composite closed at 10910.28, down 140.19 or -1.25%.

Advertisement

US Economic News

The number of Americans filing new claims for unemployment benefits fell less than expected last week and applications for the prior period were revised up, suggesting the labor market recovery had shifted into low gear amid fading fiscal stimulus.

But jobless claims remained elevated at 860,000, while both housing starts and the Philadelphia Fed business index fell and trading marked a risk-off sentiment.

The Philly Fed came in at 15, matching the forecast, but coming in below the previously reported 17.2. U

Weekly Unemployment Claims were reported at 860K, higher than the 825K estimate, but lower than last week’s upwardly revised 893K.

Building Permits were 1.47 million units, lower than the 1.51m forecast and previously reported 1.48m.

Housing Starts showed a 1.42 million unit increase, missing the 1.47m forecast and 1.49m previous number.

Advertisement

Continued Reaction to Fed

The S&P 500 Financials Index fell 1.4%, a day after the Federal Reserve pledged to keep interest rates low for a prolonged period to lift the world’s biggest economy out of a pandemic-induced recession. Banks tend to benefit from higher borrowing costs.

Fed Chair Jerome Powell laid out a menu of factors – including wage growth, workforce participation and disparities in minority joblessness relative to whites – that must be satisfied before the Fed would view the economy at maximum employment, and thus even consider raising interest rates.

Stocks in the News

General Electric Co rose 3.7% after Chief Executive Officer Larry Culp said on Wednesday the company’s free cash flow would turn positive in the second half.

Ford Motor Co added 3.3% as it said it had begun production of the new generation F-150 pickup truck at its Michigan facility.

The Internals

Declining issues outnumbered advancing ones on the NYSE by a 1.86-to-1 ratio; on NASDAQ, a 1.50-to-1 ratio favored decliners.

The S&P 500 posted 7 new 52-week highs and no new lows; the NASDAQ Composite recorded 36 new highs and 16 new lows, according to Reuters.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US