Analyst ViewU.S. markets were bearish on Thursday trading session riding on the stepback of technology shares taking a back seat to cyclical names and as investors digested a jump in producer prices and higher jobless claims. The Nasdaq Composite lost 2.5%, while the S&P 500 dipped 1.4% and the Dow Jones Industrial Average slipped 0.5% or 175 points.
Ticker |
Security |
Last |
Change |
Change % |
I:DJI |
DOW JONES AVERAGES |
36113.62 |
-176.70 |
-0.49% |
SP500 |
S&P 500 |
4659.03 |
-67.32 |
-1.42% |
I:COMP |
NASDAQ COMPOSITE INDEX |
14806.812261 |
-381.58 |
-2.51% |
Stocks, Microsoft and Salesforce fell in broad tech weakness, while Boeing and Caterpillar rose in the cyclical trade.
Ticker |
Security |
Last |
Change |
Change % |
MSFT |
MICROSOFT CORP. |
304.80 |
-13.47 |
-4.23% |
CRM |
SALESFORCE.COM INC. |
228.63 |
-9.20 |
-3.87% |
BA |
THE BOEING CO. |
223.90 |
+6.45 |
+2.97% |
CAT |
CATERPILLAR INC. |
227.00 |
+4.54 |
+2.04% |
Economic data, the December producer price index jumped by 9.7% a record, while month-over-month prices rose 0.2%, less than expected. Factoring out volatile food and energy costs, core producer prices rose 0.5% in December, slightly below November’s 0.7% gain. Year-over-year look core PPI rose 8.3% in December. On Wednesday consumer prices rose 7% the most since 1982.
Labour reports, New claims for unemployment benefits unexpectedly rose by 230,000 last week and above a 52-year low of 188,000 reported in the first week of December. Continuing claims, which track the total number of unemployed workers collecting benefits, fell to 1.55 million.
In other stocks, Ford rallied to a new milestone topping the $100 billion in market value, compared to General Motors $91 billion.
Ticker |
Security |
Last |
Change |
Change % |
F |
FORD MOTOR CO. |
25.02 |
+0.55 |
+2.25% |
GM |
GENERAL MOTORS CO. |
61.77 |
+0.74 |
+1.21% |
Semiconductor news, Taiwan Semiconductor is a winner after posting record quarterly profits and forecasting revenue of as much as $17 billion, higher than the same period a year ago.
Ticker |
Security |
Last |
Change |
Change % |
TSM |
TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. |
139.19 |
+6.96 |
+5.26% |
RIchard Branson's Virgin Orbit has a satellite launch later this afternoon, while Virgin Galactic rolled out a $425 million bond offering.
Ticker |
Security |
Last |
Change |
Change % |
VORB |
NEXTGEN ACQUISITION II |
9.40 |
-0.56 |
-5.62% |
SPCE |
VIRGIN GALACTIC HOLDINGS INC. |
10.03 |
-2.34 |
-18.92% |
Vaccine makers continue to report developments with Moderna disclosing it will release data for treating children 2 to 5 years of age by March.
Ticker |
Security |
Last |
Change |
Change % |
MRNA |
MODERNA INC. |
210.17 |
-12.72 |
-5.71% |
In commodities, oil slipped to the $81-per-barrel level.
Ticker |
Security |
Last |
Change |
Change % |
USO |
UNITED STATES OIL FUND L.P. |
58.27 |
-0.64 |
-1.09% |
SPOT MARKET POSITION AS OF GMT 09:20 01-14-22
European Market, In Europe the market is currently bearish on the back of hawkish Fed remark with all positions declining across the board, London's FTSE slipped 0.1% to 7,563.37, Germany's DAX was off 0.59% to 15,934.87 and France's CAC declined 0.83% to 7,141.39
Asia Market, In Asia, the market currently is bearish with Tokyo's Nikkei 225 index sliding by 1.28% to 28,124.28, the Hang Seng in Hong Kong also slip by 0.19% to 24,383.32, while China's Shanghai declined by Composite shed 0.96% to 3,521.26.
SOURCE: CNBC
IMAGE SOURCE: PIXABAY