Markets are still waiting to hear if Federal Reserve Chair Jerome Powell will be renominated.
Sarah Silbiger/Getty ImagesThe stock market was lower on Thursday after disappointing jobless claims data. Technology stocks weren’t falling as hard, thanks to gains in Nvidia and Tesla .
In morning trading, the Dow Jones Industrial Average dropped 189 points, or 0.5%, after the index fell 211 points Wednesday to close at 35,931. The S&P 500 fell 0.2%, while the Nasdaq Composite slipped 0.2%. All three indexes were pointing higher before jobless claims news hit the wires.
Initial jobless claims were 268,000, slightly worse than expectations for 260,000, but a slight improvement from the previous week’s revised result of 269,000.
Any signal that people are refraining from entering the workforce can stoke fears of higher wages and inflation, which could prompt the Federal Reserve to lift interest rates.
Keeping tech losses at bay were Nvidia (ticker: NVDA) and Tesla (TSLA), which were up 9.4% and 0.9%, respectively. Their combined market capitalization of $1.8 trillion accounts for about 7% of the Nasdaq’s aggregate market cap, so big moves in these stocks have a heavy influence over the index’s movements.
On Wednesday, Nvidia reported a profit of $1.17 a share, beating estimates of $1.11 a share, on sales of $7.1 billion, above expectations for $6.8 billion. The company also expects sales in the current quarter of $7.4 billion, higher than the consensus analyst forecast of $6.9 billion. Alongside Nvidia’s gain, the iShares Semiconductor Exchange-Traded Fund (SOXX) was up 0.9%.
Some of the optimism in semiconductors could be related to higher expected supply of chips, which would help companies meet sales expectations. “Nvidia posted strong earnings after the close and that’s helping to ease some anxiety around chip supplies,” wrote Tom Essaye, founder of Sevens Report Research.
Tesla was gaining as newly public competitor Rivian Automotive (RIVN) was falling 12%, extending its 15% loss Wednesday, as the stock continued to give up some gains after its blockbuster initial public offering last week.
Overseas, Tokyo’s Nikkei 225 slipped 0.3%, as traders in Japan await a new economic stimulus package set to be released Friday. The pan-European Stoxx 600 dipped 0.5%.
Here are five stocks on the move Thursday:
Kohl’s (KSS) stock gained 5.8% after the company reported a profit of $1.65 a share, beating estimates of 64 cents a share, on sales of $4.6 billion, above expectations for $4.3 billion.
Macy’s (M) stock surged 16% after the company reported a profit of $1.23 a share, beating estimates of 31 cents a a share, on sales of $5.4 billion, above expectations for $5.2 billion.
Boeing (BA) was up 0.1% even after catching upgrades from Wells Fargo Wednesday and, more recently, JPMorgan Chase.
Cisco (CSCO) was down 8.9% after earnings Wednesday that included a disappointing outlook and outlined challenges with supply-chain issues and shortages.
GoPro (GPRO) stock jumped 1% after getting upgraded to Overweight from Neutral at JPMorgan.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
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November 18, 2021 at 10:49PM
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Stock Market Today: Dow Slips as Nvidia Surges - Barron's
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