Stocks fell on Thursday, with Wall Street logging a 4th consecutive day of losses, as investors struggled to reconcile a still-hot jobs market with soaring COVID-19 infections that have blunted the economy's momentum.
The Dow Jones Industrial Average and S&P 500 Index have now retreated four days in a row, but the technology-laced Nasdaq has only fallen for two consecutive days. Investors have been in a foul mood since August's jobs data fell far short of market expectations last week, tempering hopes for the fourth quarter and getting September off to a rough start.
“You look at the markets and they’ve been amazingly calm and we think September is right for a pullback,” G Squared Wealth CFA CIO Victoria Greene told Yahoo Finance Live on Thursday. “We’re kind of in a purgatory.”
Separately, however, Labor Department data showed that open jobs hit yet another series record, with workers quitting their jobs en masse, and nearly 11 million positions unfilled. On Thursday, new jobless claims set a new pandemic era low at 310,000, temporarily allaying fears about the economy.
"We're transitioning from a very early cycle environment in which growth was super charged coming out of the recession last year..." PIMCO managing director and portfolio manager Erin Browne told Yahoo Finance Live on Thursday. "We're still in a very good spot in the economy and...in terms of corporate profitability and the outlook for it."
However, investors are trying to calibrate a jobs market that remains historically hot against growth that's clearly losing momentum, based on the resurgence of COVID-19 infections led by the Delta variant.
The U.S. economy "downshifted slightly" in August as concerns grew over how the renewed surge of coronavirus cases would affect the economic rebound, the Federal Reserve said on Wednesday in its latest Beige Book.
The latest labor market reads contrast sharply with August payrolls, which showed the economy creating a relatively slim 235,000 new positions, and stoked speculation that the Federal Reserve's Open Market Committee (FOMC) could alter its timetable for scaling back its stimulative bond-buying, which has propped up investor confidence.
The uncertainty has prompted analysts to scale back expectations for the economy for the remainder year. Goldman Sachs cut its forecast for fourth-quarter growth, citing a "harder path ahead" for consumer spending in the face of rising COVID-19 infections.
However, Wall Street does not appear overly-concerned, at least for now, given that stocks are still within view of recent highs.
“We believe equities are the only game in town,” Katam Hill Founder & CIO Adam Gold told Yahoo Finance Live on Thursday. “And we still think that’s going to be the case even after tapering and even after rates start to move higher.”
—
4:02 p.m. ET: Dow, S&P log 4th day of losses as jobless surprise fails to calm COVID, economy jitters
Here were the main moves in markets as of 4:02 p.m. ET:
-
S&P 500 (^GSPC): -20.77 (-0.46%) to 4,493.30
-
Dow (^DJI): -151.23 (-0.43%) to 34,879.84
-
Nasdaq (^IXIC): -38.38 (-0.25%) to 15,248.25
-
Crude (CL=F): -$1.31 (-1.89%) to $67.99 a barrel
-
Gold (GC=F): +$3.80 (+0.21%) to $1,797.30 per ounce
-
10-year Treasury (^TNX): -3.5 bps to yield 1.2990%
—
12:20 p.m. ET: Stocks lose early gains, flatline at midday
Here's where major indices traded as of 12:20 p.m.:
-
S&P 500 (^GSPC): 4,512.51, -1.56 (-0.03%)
-
Dow (^DJI): 35,022.57, -8.50 (-0.02%)
-
Nasdaq (^IXIC): 15,316.90, +30.26 (+0.20%)
—
10:55 a.m. ET: Stocks pick up steam, boosted by jobless claims
At least for the moment, investors have decided that a healthy labor market is enough to cover a multitude of other economic ailments (namely the ravenous COVID-19 pandemic). Major benchmarks have turned decisively to the upside, with the Dow adding over 100 points, and the Nasdaq jumping by over 60 points. The S&P is a laggard, but up by 11 points.
—
9:30 a.m. ET: Stocks flat at the opening bell
Here's where stocks began the regular session:
-
S&P 500 (^GSPC): 4,511.33, -2.74(-0.06%)
-
Dow (^DJI): 34,991.73, -39.34 (-0.11%)
-
Nasdaq (^IXIC): 15,300.78, +14.14 (+0.09%)
-
Crude (CL=F): $68.03 per barrel, -$1.27 (-1.83%)
-
Gold (GC=F): $1,799.60 per ounce, +$6.10 (+0.34%)
-
10-year Treasury (^TNX): flat, yielding 1.334%
—
8:30 a.m. ET: Stocks turn flat after jobless claims set new pandemic era low
The U.S. economy is losing momentum, but one thing it's not losing is jobs: Initial unemployment claims checked in at 310,000 in the latest week, well below estimates and setting a new COVID-19 era low. Stocks took heart from the news, turning flat after spending the pre-market session in the red.
7:50 a.m. ET Thursday: Futures lower ahead of jobless claims
Here's where markets were trading ahead of the opening bell:
-
S&P 500 futures (ES=F): 4,500.75, -11.75(-0.26%)
-
Dow futures (YM=F): 34,928.00, -84.00 (-0.24%)
-
Nasdaq futures (NQ=F): 15,587.75, -32.25(-0.21%)
—
6:15 p.m. ET Wednesday evening: Stock futures tick lower
Here's where markets were trading in the after-hours session:
-
S&P 500 futures (ES=F): 4510, -2.25
-
Dow futures (YM=F): 35,004, -8.00
-
Nasdaq futures (NQ=F): 15,608.00, -12.00
—
By Javier E. David, editor at Yahoo Finance. Follow him at @Teflongeek
—
"stock" - Google News
September 10, 2021 at 03:23AM
https://ift.tt/38WbFcU
Stock market news live updates: Wall Street falls despite jobless claims hitting COVID-era low - Yahoo Finance
"stock" - Google News
https://ift.tt/37YwtPr
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Stock market news live updates: Wall Street falls despite jobless claims hitting COVID-era low - Yahoo Finance"
Post a Comment