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.
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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