4.05pm: Dow falls for the fourth-straight session
US stocks struggled for direction, finishing the day lower on investor concerns over the virus and the Federal Reserve’s next move, even as weekly jobless claims came in at a pandemic-low 310,000, better than the 335,000 expected.
At the close, the Dow fell 151 points, or 0.4% to 34,879, while the S&P 500 eased 21 points at 4,493 and the tech-heavy Nasdaq edged 38 points lower to 15,248.
Notably movers included shares of Moderna, Inc, which climbed more than 8% after the drug maker said it is developing a single dose vaccine that combines boosters against coronavirus (COVID-19) and the flu.
12:15pm: S&P 500 treads water, Dow slightly higher
US markets were sending mixed messages at the midday, as the Dow Jones Industrial Average added 25 points from the morning bell to sit at 35,056. The S&P 500 teetered the line adding 2 points by lunch to hold at 4,516.
Heading into the afternoon the NASDAQ was the largest gainer up 35 points to 15,321, propelled by tech stock growth.
While markets faced some headwinds Thursday, positive labor data from the morning shows the economy is moving in the right direction. Paired with news from Wednesday that job openings registered fresh highs in July analysts believe this could signal the Fed’s anticipated tapering.
Elsewhere the FTSE 100 closed down almost 73 points, or 1.03%, at 7,022, while the more UK-focused exchange, FTSE 250, lost nearly 49 points, or 0.21%, at 23,799.
“US markets are leading the push higher this afternoon, with UK-listed stocks providing the one area of concern thanks to a notable decline for the FTSE 100. The big event of the day came in the form of the ECB rate decision, with Lagarde leading a meeting that saw the committee opt to maintain rates and asset purchases as expected,” Joshua Mahony, Senior Market Analyst at IG wrote in a market report.
10.55am: Proactive North America headlines:
Power REIT (NYSE-A:PW) closes acquisition of large Michigan cannabis cultivation greenhouse in US$18.4M deal
Western Magnesium inks agreement to build first ever eco-friendly magnesium plant in eastern Ohio
Manganese X releases technical report for Battery Hill project in New Brunswick
Logiq launches new exclusive mobile payment option for driver license psychological testing in Indonesia
Global Energy Metals completes first phase program of soil geochemical sampling and geological mapping at Monument Peak
Whitehorse Gold reveals high-grade gold equivalent results from its Skukum project in Canada’s Yukon
Benchmark Metals identifies new 'Black Lake' copper-gold-silver target at Lawyers
SoLVBL Solutions completes independent test validation for its Q by SoLVBL cryptographic product
BioHarvest Sciences says new manufacturing facility in Israel has successfully met certification requirements ahead of time
Mindset Pharma selects Treatment-Resistant Depression and End of Life Cancer Angst as initial target indications for MSP-1014
The Valens Company (TSX:VLNS, OTCQX:VLNCF) announces white label partnership with leading, technology-powered, cannabis retailer Fire & Flower
Gevo, and Chevron unit sign letter of intent to jointly invest in new facilities to turn inedible corn into sustainable aviation fuel
BlueRush says it has experienced significant growth in subscription bookings for 2021
Nextleaf Solutions ships its first Glacial Gold products to the BC Liquor Distribution Branch
Marble Financial licenses its Marble Connect product to Konect Ai
First Mining Gold says it has entered into an earn-in agreement with ALX Resources; Acquires additional claims in Birch-Uchi
BetterLife Pharma strikes research agreement with Medical College Wisconsin for its TD-0148A neurological receptor studies
Recruiter.com Group launches Amplify, an artificial intelligence (AI) powered solution for proactive candidate outreach
Namaste Technologies confirms name change to Lifeist Wellness to reflect CBD product sales in the UK
Real Luck Group (TSX-V:LUCK, OTCQB:LUKEF) announces partnership with user onboarding solution Checkin.com
Vanstar Mining initiates drilling program on its Felix property in Quebec
TruTrace Technologies to roll out cannabis validator with top cannabis cultivator and products manufacturer Flora Growth
Zynerba presents longer-term tolerability and efficacy data of Zygel in children and adolescents with autism spectrum disorder
Predictmedix expects SBL Testing Technologies partnership with Haztech to boost delivery of its Safe Entry Station technology
CanaFarma partners with Vertical Wellness to introduce Just Live CBD Sparkling Water
Algernon Pharmaceuticals appoints Harry Bloomfield QC to its board of director, says he has been elected chairman
Falcon Gold stakes more prospective ground in central Newfoundland
Alkaline Fuel Cell Power kicks off testing of its next-generation power units with Gaskatel
New Pacific Metals (TSX:NUAG, NYSE:NEWP) hits silver-rich polymetallic mineralization with first two holes of Carangas drill program
9.45am: US stocks in positive start
US stocks started in the green, just, on Thursday as traders were cheered by the jobless claims data.
The Dow Jones Industrial Average added around 41 at 35,072 shortly after the bell.
The S&P 500 gained around six points at 4,520. The tech laden Nasdaq Exchange added around 358 points at 15,324.
Official data showed that first-time filings for unemployment claims in the US dropped to 310,000 last week - the lowest is has been during the coronavirus (COVID-19) pandemic.
Economists had expected the figure for the week to September 4 to be 335,000. The previous week had been 345,000 and the latest figure was the lowest since March 14, 2020.
7am: US benchmarks seen starting lower
US stocks are expected to fall again on Thursday ahead of the latest weekly US jobless claims data and a European Central Bank (ECB) council meeting outcome, while Hong Kong stocks took a tumble after Chinese authorities pressed ahead with online-gaming restrictions.
Futures for the blue-chip Dow Jones Industrial Average, the broader S&P 500 index, and the tech-laden Nasdaq-100 were all around 0.2% lower.
investor optimism has reversed this week following last Friday's much weaker than expected August US non-farm payrolls report and other signs that the pace of economic recovery weakened over the summer due to the impact of the coronavirus (COVID-19) Delta variant.
The latest initial jobless claims numbers are due at 8.30am ET. The Federal Reserve has said that the labor market and inflation are two key factors it is monitoring to determine changes to monetary policy.
Question marks remain over when the Fed and the ECB will begin to taper their stimulus programs. The ECB will issue its latest policy statement at 7.45am ET, with European policymakers offering their assessment of their economy and inflation.
On the corporate front, GameStop shares dropped almost 9% in after-hours trade on Thursday despite reporting a narrower loss and rising sales. Management did not take questions on the conference call and failed to provide guidance for the coming quarters. The company also said it had provided the SEC with more documents as part of the regulator’s investigation into trading activity involving GME and other stocks, though management said this would not materially impact the business.
Elsewhere, Hong Kong’s Hang Seng Index posted its biggest one-day drop in over six weeks with shares of Chinese videogame giants Tencent Holdings and NetEase dropping sharply after authorities summoned the companies and ordered them to follow new rules for the online-gaming industry.
US-traded shares of NetEase fell almost 6% pre-market, while video-platform operator Bilibili’s New York-listed shares dropped nearly 7%. Other US-traded Chinese stocks also suffered with Alibaba Group down 3%.