money Stocks end mixed as S&P misses record finish
U.S. equity markets ended the session mixed despite positive employment data which showed initial jobless claims fell below 1 million for the first week since coronavirus lockdowns began in mid-March.
The S&P 500, ever so close to an all-time high fell short, slipping 0.20 percent to 3,373.43. The benchmark is just over 12 points away from 3,386.15 which would mark a new record.
The Dow Jones Industrial Average, meanwhile, dropped over 82 points, or 0.29 percent, while the Nasdaq Composite rose 0.27 percent.
Initial jobless claims for the week ended Aug. 8 totaled 963,000, according to the Labor Department. The reading marked the first time in 21 weeks that filings were below 1 million and was beneath the 1.12 million filings that Wall Street analysts surveyed by Refinitiv were expecting.
Continuing claims, meanwhile, fell by 604,000 to 15.48 million, also better-than-anticipated.
Looking at stocks, Dow component 3M said July sales rose 6% from a year ago as business picked up across all of its units. While Cisco Systems reported better-than-expected top- and bottom-line results and laid out a restructuring plan after the COVID-19 pandemic resulted in lower customer spending. Both Cisco’s earnings and revenue forecasts disappointed.
Fellow Dow component Apple Inc. is preparing a bundle, called “Apple One,” that will give customers who subscribe to multiple services from the company a discounted price, according to Bloomberg.
Traders continue to watch the $467.77 level that, if eclipsed, would make Apple the first U.S. company to reach a $2 trillion market valuation.
Ride-hailing app Lyft said its number of active riders fell 60% year-over-year in the three months through June as customers sheltered at home amid the COVID-19 pandemic.
The company, along with Uber, said it may suspend service in California if a judge’s order saying the company must consider drivers employees rather than independent contractors is upheld which is was late Thursday, according to reports.
UBER MAY BE FORCED TO SHUT DOWN CALIFORNIA RIDE SERVICES OVER NEW DRIVER RULING
Coach and Kate Spade-parent Tapestry reported a narrower-than-expected loss and said it will focus on its e-commerce platform as it looks to turn around its sagging business.
Looking at commodities, gold was up $21.80 at $1,956.70 an ounce while West Texas Intermediate crude oil fell 43 cents at $42.24 per barrel.
As for U.S. Treasurys, the yield on the 10-year note rose to 0.714%, the highest level since June.
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European markets were trading lower across the board with Britain’s FTSE down 1.4%, France’s CAC off 0.53% and Germany’s DAX weaker by 0.51%.
In Asia, Japan’s Nikkei climbed 1.78% to a three-month high while China’s Shanghai Composite edged up 0.04% and Hong Kong’s Hang Seng slipped 0.05%.
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