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US stocks drop amid unanticipated surge in jobless claims

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
July 9, 2021
in Markets, Stock Market
U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

Trader Trader Gregory Rowe works on the floor of the New York Stock Exchange at the end of the trading day Monday, March 16, 2020. (AP Photo/Craig Ruttle)

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Dow Jones Industrial Average traded slightly lower, but it stayed above the day’s lows. Meanwhile, after an unexpected increase in weekly jobless claims, the S&P 500 index fell.

Quick market analysis

The Nasdaq composite dipped 0.7% at the closing on Thursday. Meanwhile, the S&P 500 fell about 0.9% after setting new highs on Wednesday. The Dow Jones industrials fell 260 points, a loss of 0.8%. The Russell 2000 index of small-cap stocks also underperformed, falling 0.9%. According to data, volume on the Nasdaq was lower while volume on the NYSE was greater than it was at the closing on Wednesday.

The stock market was shattered earlier today after the Labour Department announced that first-time jobless claims unexpectedly increased to 373,000 last week. That was higher than the previous week’s upwardly revised 371,000 claims, and economists had predicted a drop to 353,000.

Consumer discretionary stocks defied the trend in the S&P 500, which declined in most sectors. The fall in the S&P was led by materials and financials.

Oil prices have recovered after plunging in recent days due to reports of a breakdown in communication between OPEC+ members. After jumping to a six-year high of $76.98 earlier this week, West Texas intermediate oil prices rose 1.3% to $73.10 a barrel around Thursday’s closing, following multiple days of selling.

Carnival, Norwegian Cruise Line, and Royal Caribbean all saw their stock prices decline by more than 1%. United Airlines and Delta Air Lines also saw their stock prices drop by more than 1%. Nordstrom’s stock plunged over 3%, while Home Depot and Lowe’s both fell 1.5%.

Concerns about the pace of global recovery also weighed on chip stocks. Micron, Qualcomm, Intel, and Applied Materials all sank more than 1%. Microsoft, Apple, Facebook, and Alphabet, the parent company of Google, all ended the day in the negative. Amazon, on the other hand, defied the trend and surged 0.9%.

On Thursday, investors continued to flock to the protection of Treasuries, bringing the 10-year Treasury yield to 1.25%, the lowest level since late February. Despite the improving economy and rising inflation, the yield on the 10-year Treasury note continues to fall. It started July at 1.58% and peaked at 1.78% in March of 2021.

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