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Wall Street Opens Mixed After Jobless Claims Disappointment; Dow Down 15 Pts

Stock MarketsApr 08, 2021 09:33AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened mixed on Thursday, after a second straight rise in weekly claims for jobless benefits acted as a reminder that the economy's progress out of lockdown is still uneven. 

By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was down 15 points, or less than 0.1%, at 33,432 points. The S&P 500 was up, however, by 0.3% and the Nasdaq Composite was up by 0.9%, as the market digested Wednesday's news that the Biden administration's tax plans will likely hit a much smaller number of companies than at first thought. 

Earlier, the Labor Department had reported that initial jobless claims rose to 744,000 last week, disappointing hopes that they would resume their downward trend. Economists had predicted a number of around 680,000. The broadest measure of those claiming unemployment-related benefits - including two pandemic-related schemes - inched down by 51,000 to 18.16 million.

The data pushed the yields on 10-Year Treasury bonds down by a couple more basis points to 1.64%. They're now down some 11 basis points over the last week, and bank shares such as JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Bank of America (NYSE:BAC) all lost more than 1% in early trading in response the fresh pressure on their lending margins.

Among early movers, Constellation Brands (NYSE:STZ) stock fell 4.6% after the company issued underwhelming guidance for the coming year. Operating margins in its fiscal fourth quarter also suffered, especially due to the effects of wildfires on its wines division.  

Likewise, ConAgra Foods  (NYSE:CAG) stock opened down 2.2% after it said it expects operating margins to be compressed in the next three months, not least due to higher input costs.

Beyond Meat (NASDAQ:BYND) stock rose 2.3% after it announced a deal to expand its distribution through major grocery chains including Kroger (NYSE:KR), Wegmans and Target (NYSE:TGT).

There was also fresh evidence of the strains felt by the automotive industry due to the ongoing global shortage of semiconductors, as General Motors (NYSE:GM) warned that it will temporarily idle more North American plants due to chip shortages. Volkswagen (OTC:VWAPY) also said it couldn't rule out further "adjustments" to production volumes this year. GM stock, which has surged in recent weeks to its highest since the company emerged from bankruptcy after the Great Recession, fell 2.4%. VW ADRs fell 0.8%.

Wall Street Opens Mixed After Jobless Claims Disappointment; Dow Down 15 Pts
 

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Comments (5)
Casino Crypt
CasinoCrypt Apr 08, 2021 11:41AM ET
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No connection between Dow and Fundamentals. In a casino you hope to win . The Dow is based on hope that Fed will keep to its word and back stop stock market. Capitalism is actually in a process of dy_ing at the moment as economies are now dependent on injected money. The weak are never allowed to fail.
perplexed76 .
perplexed76 . Apr 08, 2021 11:22AM ET
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gamblers opened mixed ingnoring the unpleasant data. Wait a minute, they already buyng
Robert Alex
Robert Alex Apr 08, 2021 10:48AM ET
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Oh it's only the poors going through unemployment. Party's still on for a new ATH!
Mdminhaz Ahmed
Mdminhaz Ahmed Apr 08, 2021 10:22AM ET
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I'm looking for global US goal sizer winner team I'm real person but my all information hacking another person and enjoying my goal please help and submitted human rights
Mitchel Pioneer
Mitchel Pioneer Apr 08, 2021 9:49AM ET
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Another routine day of criminal manipulation in the biggest investment joke in the world.
Mehdi Captain Music
Mehdi Captain Music Apr 08, 2021 9:49AM ET
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What's wrong exactly?!
Kaveh Sun
Kaveh Sun Apr 08, 2021 9:49AM ET
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Mehdi Captain Music lots of noobs lost money investing in the market because they think they know all.
Mehdi Captain Music
Mehdi Captain Music Apr 08, 2021 9:49AM ET
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Kaveh Sun what do you know? Share it!
 
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