Stocks open in the green, tech shares lead the gains
The market got a small boost after data showed a larger-than-expected fall in weekly jobless claims. The Dow began regular trading slightly higher, and the S&P 500 gained 0.2%. The Nasdaq Composite climbed 0.7% at the open, boosted by the strong performance in Big Tech. Shares of Amazon Netflix and Microsoft all rose at least 1% each. Amazon, Netflix and Apple all hit new all-time high at the open. — Yun Li
Continuing claims fall sharply
Continuing claims, or those who have been collecting for at least two weeks, dropped 698,000 from a week ago to 18.06 million. Wall Street had been expecting 18.9 million continuing claims, according to FactSet. This number is a clearer picture of how many workers are still sidelined. The previous week's total itself was revised down by 530,000. —Yun Li
Pentair pops on Bank of America double upgrade
Shares of water company jumped nearly 9% during premarket trading on Thursday after Bank of America upgraded the stock to buy from underperform. The firm said that rising pool sales amid the pandemic represents a catalyst for the company.
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Weekly jobless claims total 1.314 million
Initial jobless claims hit 1.314 million last week, lower than a Dow Jones estimate of 1.39 million. The number marked a small decline from the previous week's total of 1.43 million, but weekly claims have stayed above 1 million for 15 consecutive weeks as workers struggle to get back to their jobs amid rising coronavirus cases. — Yun Li
Joe Biden rolls out a $700 billion-plus 'Buy American' plan
Democratic candidate Joe Biden is launching a $700 billion economic plan, pushing to buy American and create manufacturing jobs. Biden will unveil a campaign calling for a $400 billion, four-year increase in government purchasing of U.S.-based goods and services plus $300 billion in new research and development in U.S. technology concerns. He is also proposing tightening current "Buy American" laws that are intended to benefit U.S. firms but can be easily circumvented by government agencies.—Yun Li
Jobless claims likely to stay above one million
New filings for unemployment insurance were expected to hit 1.39 million last week, according to economists surveyed by Dow Jones. That would be a modest decline from the previous week's total of 1.43 million. Weekly claims have topped 1 million for 14 consecutive weeks as states work through backlogs and workers struggle to get back to their jobs, particularly as coronavirus cases continue to rise. The more closely watched continuing claims figure for those who have been collecting benefits at least two weeks was 19.3 million last week and was expected to dip to 18.9 million for the most recent reporting period, according to FactSet. — Jeff Cox
Walgreens falls after earnings miss
Shares of Wallgreens Boots Alliance dropped 3% after the retail chain reported weaker-than-expected results for its fiscal third quarter. The company earned 83 cents in adjusted earnings per share. Analysts were looking for $1.17, according to Refinitiv. The company said the pandemic hit non-U.S. sales by $700 million to $750 million. Walgreens increased its quarterly dividend but suspended buybacks. —Jesse Pound
Stock futures dip ahead of weekly jobs data
Stock futures traded slightly lower on Thursday as investors await the weekly jobs data for insights on the pace of the economic recovery amid rising coronavirus cases. Dow Jones Industrial Average futures fell about 70 points, implying an opening loss of about 40 points. S&P 500 futures were flat, while Nasdaq-100 futures rose about 0.4% after the tech-heavy Nasdaq Composite notched a new record close in the previous session. Another 1.388 million workers are expected to have filed jobless claims during the week ended July 4, which would be a decline from a total of 1.427 million in the week prior, according to Dow Jones. — Yun Li
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July 09, 2020 at 08:33PM
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Stock market live updates: Tech leads stocks higher, jobless claims better than expected, Amazon, Apple hit records - CNBC
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