4:05pm: US equities close a mixed session
US stocks closed a mixed session as investors awaited earnings from the big tech companies slated for next week.
Although the Dow fell slightly, the S&P 500 and Nasdaq Composite hit record highs.
On the day, the Dow Jones Industrial Average fell 12 points, or 0.04%, to 31,176. The S&P 500 increased 0.03% to 3,853 and the tech-heavy Nasdaq jumped 0.55% to 13,530.
12.30pm: US stocks mixed at lunch
US benchmarks were mixed at mid-session as the rises seen following Joe Biden's inauguration faded.
Stocks climbed earlier to near record highs amid the prospect of greater fiscal aid after the new president's inauguration and a better vaccine strategy.
But in the middle of Thursday, the Dow Jones Industrial Average shed over 44 points at 31,144.
The S&P 500 lost around three points at 3,848. The tech heavy Nasdaq though was higher. Shares added nearly 28 points at 13,485.
Microsoft (NASDAQ:MSFT) shares were in focus as mutterings began about potential better-than-expected results from the computer and software giant, which is due to report after the close next Tuesday.
Wall Street analyst consensus forecast calls for total revenue of US$40.2 billion in the fiscal second quarter, with profits of US$1.64 a share.
Shares on Thursday nudged up 0.29% to stand at US$225 each.
9.50am: Proactive North America headlines:
Vuzix Corporation (NASDAQ:VUZI) (FRA:V7XN) in collaboration to connect surgeons and healthcare providers with medical networks and virtual-care services via its Smart Glasses
HempFusion Wellness Inc (TSX:CBD.U) (FRA:8OO) strikes a deal to distribute its Biome Research products on the Fullscript.com platform
Revive Therapeutics Ltd (CSE:RVV) inks 'bought-deal offering agreement with Canaccord Genuity and Leede Jones Gable to raise gross proceeds of $10M
HighGold Mining Inc (CVE:HIGH) (OTCQX:HGGOF) reports further drill assays from Alaska showing potential to expand JT deposit resource
Silvercorp Metals Inc (NYSEAMERICAN:SVM) (TSE:SVM) (FRA:S9Y) set to expand portfolio in China as it wins online auction for Zhonghe silver project
Duos Technologies Group Inc (NASDAQ:DUOT) taps rail industry veteran Edmond L Harris to the company’s board
Nano One Corp (CVE:NNO) (OTCPINK:NNOMF) (FRA:LBMB) tapped to demonstrate cathode materials production in Chile by technology institute
Esports Entertainment Group Inc (NASDAQ:GMBL), announces closing of its previously announced acquisition of Esports Gaming League
O3 Mining Inc (CVE:OIII) (OTCMKTS:OQMGF) set to start pre-feasibility study for Marban project this year as it outlines aims for 2021
Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) closes upsized public offering that raised more than US$11M
9.41am; US stocks start higher
Wall Street started on the front foot on Thursday morning as the optimism following Biden’s inauguration was bolstered by a reduction in US jobless claims in the final full week of the Trump presidency.
In the early minutes of trading, the Dow Jones Industrial Average was up 0.1% at 31,218, while the S&P 500 climbed 0.06% to 3,854 and the Nasdaq rose 0.16% to 13,478.
The optimistic bump followed US jobless claims data for the week to January 16, which showed that 900,000 Americans filed for unemployment during the period, a fall of 25,000 compared to the prior week but still at elevated levels. Continuing claims also fell by 127,000 to 5.18mln.
The numbers are likely to provide even more impetus for Joe Biden’s administration ask swiftly to get the coronavirus under control and provide stimulus cash to boost the economy out of its malaise.
7:50am: Wall Street to start mostly higher
The main indices on Wall Street are expected to start mostly higher on Thursday morning as the post-inauguration ‘Biden bounce’ reaches traders in New York.
Having hit new highs yesterday, the S&P 500 is set to break more new ground, opening some 12 points higher at 3,864 but the Nasdaq Composite, which also hit a new high yesterday, is expected to open 96 points lower at 13,361.
The Dow Jones Industrial Average is seen opening 79 points higher at 31,279.
Baker Hughes Co (NYSE:BKR), the oil field services company, announced fourth-quarter numbers with an adjusted earnings per share (EPS) loss of 7 cents versus expectations of positive EPS of 16 cents.
On the macroeconomic front, analysts will be looking out for US housing starts and building permits.
Daiwa America’s chief economist Mike Moran expects starts to be little changed this month, with a possible decline in single-family starts from November’s 13-year high, “perhaps offset by an increase in multi-family starts, where permits jumped last month”, Daiwa Capital said.
The Philadelphia Federal Reserve’s manufacturing survey for January is also released today, as is the weekly jobless claims report.
The Philly Feb business outlook index is expected to rise to 11.8 in January from 9.1 in December while first-time weekly jobless claims are tipped to dip to 935,000 from 965,000 the week before.
Four things to watch for on Thursday:
- Big names in the earnings diary for Thursday include computer processor maker Intel Corp (NASDAQ:INTC), which will be reporting its numbers for the fourth quarter
- Also scheduled to deliver fourth quarter figures are computing giant IBM Corp (NYSE:IBM), railroad group Union Pacific Corp (NYSE:UNP) and medical robotics specialist Intuitive Surgical Inc (NASDAQ:ISRG)
- On the macro front, jobless claims data for the week to January 16 will hold most of the attention, particularly as investors await more stimulus news from the newly minted Biden administration
- Traders will also be keeping an eye on events on the other side of the Atlantic at the European Central Bank gathers for a meeting of its governing council