Jobless Claims Data May Lead To Initial Strength On Wall Street
08 Agosto 2024 - 10:06AM
IH Market News
The major U.S. index futures are currently pointing to a higher
open on Thursday, with stocks likely to move back to the upside
following the downturn seen over the course of the previous
session.
The advance by the futures came after the Labor Department
released a report showing first-time claims for U.S. unemployment
benefits pulled back by more than expected in the week ended August
3rd.
The report said initial jobless claims fell to 233,000, a
decrease of 17,000 from the previous week’s revised level of to
250,000.
Economists had expected jobless claims to edge down to 240,000
from the 249,000 originally reported for the previous week.
The bigger than expected decline came a week after jobless
claims reached their highest level since hitting 258,000 in the
week ended August 5, 2023.
The data may help ease concerns about the strength of the labor
market, which have contributed to recent selling on Wall
Street.
Among individual stocks, shares of Eli Lilly (NYSE:LLY) are
moving sharply higher in pre-market trading after the drug maker
reported better than expected second quarter results and raised its
full-year revenue guidance.
Athletic apparel company Under Armour (NYSE:UAA) is also likely
to see initial strength after reporting an unexpected fiscal third
quarter profit.
On the other hand, shares of Warner Bros. Discovery (NASDAQ:WBD)
is seeing significant pre-market weakness after reporting
disappointing second quarter results and announcing a $9.1 billion
write down tied to its TV networks.
After extending yesterday’s rebound early in the session, stocks
gave back ground over the course of the trading day on Wednesday.
The major averages pulled back well off their early highs and into
negative territory.
The major averages ended the day just off their lows of the
session. The Nasdaq slumped 171.05 points or 1.1 percent to
16,195.81, the S&P 500 slid 40.53 points or 0.8 percent to
5,199.50 and the Dow fell 234.21 points or 0.6 percent to
38,763.45.
Stocks initially continued to benefit from bargain hunting, as
traders picked up stocks at relatively reduced levels following the
recent sell-off.
Buying interest waned shortly after the start of trading,
however, as concerns about the outlook for the U.S. economy
continued to hang over the markets.
“We expect further volatility in the near-term and look to the
5,000 range as important support for the Index, as it represents
key retracement levels and the 200-DMA,” John Lynch, Chief
Investment Officer for Comerica Wealth Management said of the
S&P 500. “We continue to view the S&P 500 to be fairly
valued in the 5,250 range by yearend.”
Among individual stocks, shares of Super Micro Computer
(NASDAQ:SMCI) plunged by 20.1 percent after the technology company
reported weaker than expected fiscal fourth quarter earnings.
Disney (NYSE:DIS) also showed a significant move to the downside
even though the entertainment giant reported better than expected
fiscal third quarter earnings.
Meanwhile, grocery delivery company Instacart (NASDAQ:CART)
surged after reporting second quarter results that exceeded analyst
estimates on both the top and bottom lines.
Gold stocks moved sharply lower over the course of the session,
dragging the NYSE Arca Gold Bugs Index down by 3.2 percent to its
lowest closing level in a month. The weakness among gold stocks
came despite a modest increase by the price of the precious
metal.
Substantial weakness also emerged among semiconductor stocks, as
reflected by the 3.1 percent slump by the Philadelphia
Semiconductor Index.
Computer hardware stocks also showed a considerable move to the
downside on the day, with the NYSE Arca Computer Hardware Index
tumbling by 2.8 percent.
Housing, airline and pharmaceutical stocks also showed notable
moves to the downside, while significant strength remained visible
among telecom stocks.
Warner Brothers Discovery (NASDAQ:WBD)
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Warner Brothers Discovery (NASDAQ:WBD)
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