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S&P 500 muted as virus cases rise, jobless claims weigh

Stock Markets Jun 18, 2020 01:41PM ET
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© Reuters. Traders exit the 11 Wall St. door of the NYSE in New York

By Medha Singh and Devik Jain

(Reuters) - The S&P 500 was little changed on Thursday as coronavirus infections picked up again in parts of the United States and data showed an elevated level of weekly jobless claims, lending weight to predictions of a prolonged economic recovery.

Several U.S. states including Texas, Florida and Oklahoma reported a surge in new infections. However, President Donald Trump said late on Wednesday the United States would not close businesses again.

The Labor Department's report showed weekly jobless claims declining for the eleventh straight week, but the pace of declines has slowed as tepid demand and fractured supply chains have sparked a second wave of layoffs.

A resurgence in coronavirus infections has kept the S&P 500 and Dow indexes in a narrow range since last week, with the S&P 500 now 8% below its February all-time high after coming within 5% of that level last week.

"The market has fully priced in a majority of the gains coming out of this recovery phase and it's not really going to go much higher until we get better data down the road," said Andrew Smith, chief investment strategist at Delos Capital Advisors, in Dallas, Texas.

At 1:09 p.m. ET, the Dow Jones Industrial Average was down 64.75 points, or 0.25%, at 26,054.86 and the S&P 500 was down 1.35 points, or 0.04%, at 3,112.14. The Nasdaq Composite was up 16.91 points, or 0.17%, at 9,927.44.

Technology was the biggest boost to the benchmark index. Real estate and utilities posted the steepest percentage declines.

Biogen Inc (NASDAQ:BIIB) dropped 6.4% after a U.S. district court ruled in favor of generic drugmaker Mylan (NASDAQ:MYL) NV in a patent dispute over drugmaker's blockbuster multiple sclerosis drug Tecfidera. Mylan NV rose 2%.

Spotify Technology SA (NYSE:SPOT) jumped 13.4% after signing a podcast deal with AT&T Inc's Warner Bros and DC entertainment featuring popular DC comics characters.

Carnival (NYSE:CUK) Corp slipped 1.7% after reporting a quarterly net loss of $4.4 billion and warning of a loss for the rest of the year as the pandemic brought its cruise business to an effective standstill.

Kroger (NYSE:KR) Co declined 5.5% as it stopped short of raising its annual forecasts, saying a coronavirus-driven surge in demand for essential goods was fading as American households reconsider what they have on their shelves.

Declining issues outnumbered advancers for a 1.41-to-1 ratio on the NYSE and for a 1.03-to-1 ratio on the Nasdaq.

The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 69 new highs and three new lows.

S&P 500 muted as virus cases rise, jobless claims weigh
 

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Comments (13)
Mart Bab
Rubberduck1973 Jun 18, 2020 2:31PM ET
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Very soon all buyers will start exiting. Muted, the pressure will amount on buyers. Very soon all buyers will start exiting, as corona cases creep up.
John Casablancas
John Casablancas Jun 18, 2020 1:58PM ET
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3000 holding well now for several days. Next stop is 3500
Ha Has
Ha Has Jun 18, 2020 1:38PM ET
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A lot of those unemployed bastards don't want to go back to work to get more stimulus checks.
Ha Has
Ha Has Jun 18, 2020 1:38PM ET
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It's a consolidation day today then up tomorrow and Monday.
Bulls MakeMore
Bulls MakeMore Jun 18, 2020 1:13PM ET
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The only problem is the sick attitude (and ignorance) of some of these posts here ... smh
Kilo Byte
Kilo Byte Jun 18, 2020 1:13PM ET
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Bruh?
John Patrick
John Patrick Jun 18, 2020 1:01PM ET
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46M jobless claims and DOW down only 70 points. Must be those selfless Wall St heroes doing God's work for Main St. Ha Ha ha
Bla Blabla
Bla Blabla Jun 18, 2020 12:43PM ET
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Wow such a easy job always repeat the reason why down and up
Camaro Camero
Camaro Jun 18, 2020 12:43PM ET
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Don't worry, "HOPE" is coming!
Miguel Garcia
Miguel Garcia Jun 18, 2020 12:43PM ET
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Yes. Before dow is up because some *******, now one hour later dow is down because this *******.. hehehehe
Mark Manley
Mark Manley Jun 18, 2020 12:34PM ET
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And oh, the S&P is down three whole points, calling that a "dip" is pure manipulative sensationalism
Mark Manley
Mark Manley Jun 18, 2020 12:31PM ET
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More fake news from Reuters. The headline claims "elevated" jobless claims. Then the author briefly mentions that jobless claims are actually down. Liberal hacks like these two can never be bothered with facts. Liberals are all about emotion, rationalization, and manipulation. Maybe if someone took over their homes and declared them "autonomous zones" they'd change their tune.
Yep YepYepYep
Yep YepYepYep Jun 18, 2020 12:31PM ET
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Another foreign hack. Ignore.
Carol Baskin
Carol Baskin Jun 18, 2020 12:31PM ET
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Nice try Ukraine lol
Boondock Saint
Boondock Saint Jun 18, 2020 12:31PM ET
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Yep YepYepYep because nobody could have a different opinion from yours except for Russian spies
Ali Rahimi
Ali Rahimi Jun 18, 2020 12:22PM ET
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stocks will go down
 
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