Saturday, 31 July 2021 09:58 GMT

Jobless Claims, Stocks Dwindle


(MENAFN - Baystreet.ca) Jobless Claims, Stocks Dwindle






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U.S. stocks were mostly flat as an unexpected jump in jobless claims kept investors on edge about the economy.
The Dow Jones Industrials remained in the red 48.57 points, to 34,749.43.
The Dow is up slightly on the week and sits about 1% from a record high.
The S&P 500 drifted lower 2.09 points to 4,356.61
The NASDAQ added 22.03 points to 14,651.70.
Investors are going back into their favorite tech stocks as worries about the economy resurface and yields fell lower. Apple and Microsoft, which are scheduled to report earnings next week, are trading about 1.5% higher. Amazon is trading almost 1% higher.
Still, a strong second-quarter earnings reporting season continues, with American Airlines posting a profit for the second-quarter, snapping a streak of five straight quarters with losses, thanks to the recovery in travel demand and government aid.
The shares, which were up 8% this week, are down slightly on Thursday. Similarly, Southwest Airlines reported a quarterly profit, but the carrier's stock is 1.7% lower.
Union Pacific, traded up more than 2% after reporting second-quarter net income of $1.8 billion or $2.72 per diluted share. That's up from $1.1 billion, or $1.67 per diluted share in the year-ago quarter.
AT&T also gained slightly after earnings and revenue topped analyst estimates and CSX jumped over 4% after the railroad's second-quarter profit more than doubled.
Intel, Twitter, Snap and Capital One will post quarterly updates after the market closes.
Texas Instruments is down roughly 5%, however, after the chipmaker topped expectations for the second quarter, but warned that third quarter results could fall short of analysts' estimates.
Jobless claims unexpectedly rose to 419,000 last week, higher than the 350,000 economists polled by Dow Jones estimated and more than the upwardly revised 368,000 from the previous period, the U.S. Labor Department reported Thursday.
Prices for 10-Year Treasurys regained ground, lowering yields to 1.24% from Wednesday's 1.30%. Treasury prices and yields move in opposite directions.
Oil prices took on 68 cents to $70.98 U.S. a barrel.
Gold prices regained $3.70 to $1,807.10 U.S. an ounce.









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