Stocks mixed with jobless claims, earnings in focus

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Summit Global Investments CIO David Harden shares his market picks and investment advice.

U.S. stock futures remained lower Thursday morning after weekly jobless claims fell to a fresh pandemic low. 

Dow Jones Industrial Average futures fell 178  points, or 0.51%, while S&P 500 futures were modestly lower and Nasdaq 100 futures ticked higher. 

The early selling comes a day after the major averages ended just below their all-time highs as Federal Reserve Chairman Jerome Powell reiterated his belief that the recent bout of higher inflation will be temporary and that the central bank will keep rates low for the foreseeable future. Powell will testify Thursday on Capitol Hill for a second day. 

Promises to keep rates low pulled money into the U.S. Treasury market with the 10-year note yield on Thursday falling 2 basis points to 1.33%.

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MSMORGAN STANLEY92.46-0.75-0.80%

In stocks, Morgan Stanley beat on both the top and bottom lines, bolstered by strength in its trading, investment banking and wealth management divisions.  

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Dow component UnitedHealth Group Inc. reported its quarterly profit slumped 36% from a year ago, but the results still topped Wall Street estimates. The health insurer raised its full-year profit forecast for the second time this year. 

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Elsewhere, chipmakers were in focus after Taiwan Semiconductor Manufacturing Co., the world’s largest semiconductor, reported record quarterly sales and guided revenue higher for the current quarter. The company is planning to build new factories in the U.S. and Japan to help meet chip demand.  


In commodities, West Texas Intermediate crude oil lost $1.44 to $71.69 a barrel and gold slipped 10 cents to $1,824.90 an ounce. 

Overseas markets were mostly lower.

European bourses were weaker across the board with Germany's DAX declining 1.2% while France's CAC 30 and Britain's FTSE 100 were both down 0.97%. 

In Asia, China's Shanghai gained 1.02% and Hong Kong's Hang Seng index advanced 0.75% after Beijing said Chinese economic growth slowed to a 7.9% pace in the three months ending June. Japan's Nikkei 225 fell 1.15%.

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