Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street Opens Mixed as Rise in Jobless Claims Dents Optimism; Dow Flat

Stock MarketsJul 22, 2021 09:48AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened mixed on Thursday, losing some early momentum from futures markets, after a rise in initial jobless claims added to concerns that the renewed spread of the Covid-19 virus could disrupt the economic recovery. 

By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was down 6 points, effectively flat, at 34,792 points. The S&P 500 and the Nasdaq Composite were both fractionally higher, after another round of generally solid earnings updates. 

Earlier, the Labor Department had said initial jobless claims had risen to 419,000 last week, their highest in two months. Analysts noted, however, that the figures may be distorted by the fact that the auto sector's plant closures for routine plant maintenance have been disrupted by the pandemic, making the usual seasonal adjustments less accurate.

There was also a note of caution from the semiconductor sector, after Texas Instruments (NASDAQ:TXN) issued conspicuously conservative guidance for the current quarter late on Wednesday. Texas stock was down 5.0% in early trading. Intel (NASDAQ:INTC), the U.S.'s biggest chipmaker, reports its earnings after the closing bell. 

DR Horton (NYSE:DHI) stock was also lower by 4.7% on concerns that the best of the housing market boom may be over. The homebuilder reported a 77% rise in net profit but warned that it had had to slow the acceptance of customer orders due to high lumber prices and a shortage of labor. Lumber prices more than quadrupled in the year after the pandemic erupted. They had fallen sharply in recent weeks but are still nearly 50% above end-2019 levels, and the spread of wildfires this week across Canada has threatened a key source of supply, pushing prices higher again.

Didi Global ADRs (NYSE:DIDI) were again prominent, losing 9.0% after Bloomberg reported that Chinese authorities are planning "possibly unprecedented" penalties against the company for defying regulators who advised it to delay its initial public offering in New York. Bloomberg said the penalties may even include forcing it to delist.

AT&T (NYSE:T) stock fell 0.3%, despite reporting much stronger than expected net subscriber growth both for its key mobile phone business and for its HBO streaming service. The company raised its full-year forecasts accordingly.

On the plus side, Crocs (NASDAQ:CROX) stock surged 9.0% to a new record high after the shoemaker reported earnings well ahead of expectations, operating income near-tripling in the year through June. The company also raised its guidance for the full year and now expects revenue growth over over 60% and an operating margin of some 25%.  Domino’s Pizza (NYSE:DPZ) stock likewise surged 10% after reporting a strong second quarter.

Biogen (NASDAQ:BIIB) stock meanwhile rose 0.5% after the company admitted a slow start to sales of its Alzheimer's drug which was, nonetheless, not as bad as some had feared.

Wall Street Opens Mixed as Rise in Jobless Claims Dents Optimism; Dow Flat
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
Ying Yu
Ying Yu Jul 22, 2021 3:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Is it solid earnings
Michael Angelo
Michael Angelo Jul 22, 2021 12:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
James Andrews, I would change the subject of interest asking, what kind of company is fir*ng, mass*vely, employees. Start thinking in a new normal about employment,.
James Andrews
James Andrews Jul 22, 2021 11:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What kind of degenerate is filing for unemployment NOW?
simone scelsa
simone scelsa Jul 22, 2021 11:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Working actually takes some effort
Ben Chod
Ben Chod Jul 22, 2021 11:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Fed have incentivised lazyness
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 22, 2021 11:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
10s of millions of evictions and foreclosures beginning next week. I’m sure it’s no big deal
Francesco Lucchesi
Francesco Lucchesi Jul 22, 2021 11:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
but this means more stimulus, stock market should cheer
M Sharul NiZam
M Sharul NiZam Jul 22, 2021 11:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US30 target hit 35000
Mitchel Pioneer
Mitchel Pioneer Jul 22, 2021 11:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Love it.  Two tightrope walk "rallies," and now look at the chart when the "market" is under pressure.  What a joke.  Fraud and criminal manipulation in living color, with the flagrant 10AM breaker firing off on schedule.  Remarkable how "gains" don't vanish at 10AM the same way losses do.  The US Ponzi Scheme continues to add pages to the history books as the laughingstock of the financial world.
Vincent Li
Vincent Li Jul 22, 2021 10:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bankruptcy of SME is up
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 22, 2021 9:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The USA is the Roman empire in decline
Michael Angelo
Michael Angelo Jul 22, 2021 9:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Roman Empire, you wish.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email