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Share Name | Share Symbol | Market | Type |
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Alphabet Inc | NASDAQ:GOOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.10 | -0.06% | 167.80 | 167.77 | 167.86 | 126,360 | 14:06:45 |
By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
Weekly jobless claims drop below 300,000
Weekly jobless claims drop below 300,000
NEW YORK (MarketWatch) -- U.S. stocks erased opening gains and moved lower on Thursday, as deteriorating situation between Russia and Ukraine sapped risk appetite globally.
Investors pushed Treasurys and gold prices higher as safe assets were in demand.
Equities rose after fresh signs that the labor market is improving faster than expected but gains dissipated by late morning.
The S&P 500 (SPX) fell 3 points, or 0.2%, to 1,916.89. The Dow Jones Industrial Average (DJI) dropped 30 points, or 0.2%, to 16,417.17
The Nasdaq Composite (RIXF) was moving between small gains and losses and was 3 points, or 0.1%, higher at 4,358.30.
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Paul Zemsky, chief investment officer of Multi-Asset Strategies at Voya Investment Management, said data on jobs continue to be better than expected, signaling that the labor market is improving and remains in a sweet spot since wage growth is still moderate.
"This market got complacent and ahead of itself a few weeks ago, was overbought on technical levels. So, the selloff last week was not surprising.There is nothing in our indicators that signals a larger 10%-15% correction. However, we think the S&P 500 will fall to 1,900 before continuing to march higher," Zemsky said.
Zemsky added that a full-blown invasion of Ukraine by Russia could become a catalyst for a deep correction, however he said it is hard to predict such political moves.
In economic news, the number of people who applied for unemployment benefits fell below 300,000 for the second time in three weeks, solidifying a picture of an improving U.S. labor market in which layoffs remain low and companies are hiring at the fastest pace in years.
At 3 p.m. Eastern Time, the Federal Reserve will report on consumer credit for June.
Corporate front
21st Century Fox (NWSA) rallied 5.5% following better-than-expected earnings results, making it the biggest riser on the S&P 500.
Harman International Industries Inc. (HAR) fell 5.2% after the maker of high-end stereo and audio equipment on Thursday reported earnings that were in line with estimates. Harman also said it is continuing its restructuring effort.
Priceline Group Inc.(PCLN) said it plans to take a $500 million stake in Ctrip.com International Ltd. (CTRP), China's largest online travel company. The two companies already have a commercial agreement. Ctrip rallied 12%.
Google Inc. (GOOG) and Barnes & Noble Inc. (BKS) are teaming up to take on rival Amazon Inc. (AMZN) in the speedy delivery of books, the New York Times reported Thursday. Barnes & Noble stocks rose 2%.
Shares of iDreamSky Technology Ltd. (DSKY) jumped 13% on its first day of trading on the Nasdaq. The company describes itself as the biggest independent mobile-game publishing platform in China. Read more about what to know about the iDreamSky IPO.
Also read: A big week for IPOs could have sparked last week's S&P selloff.
European questions
Investors also reacted to Mario Draghi's press conference, after the European Central Bank left key rates unchanged, as expected. Draghi said the euro zone's economic recovery remains "weak, fragile, uneven" and says there has been a "slowing down" of growth momentum.
Meanwhile, Russia revealed the specifics of its food-import ban, introduced in retaliation against sanctions from the U.S., members of the European Union and other nations.
European stocks struggled to show a clear direction, with the main Stoxx 600 index off 0.1%. In Asia, the Shanghai Composite Index tumbled 1.3% and Hong Kong's Hang Seng Index fell to its lowest settlement in nearly two weeks as casino shares dropped.
In other markets, gold prices (GCU4) inched up after a big jump on Wednesday, while oil (CLU4) eased off and the dollar (DXY) inched higher.
More must-reads from MarketWatch:
This market expert sees stocks up another 70%
These eight health-care stocks could rise up to 75%
Cash-rich spending spree is sign of a growing tech bubble
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