Moovin Stonks | Tesla Climbs, but Morning Gains Give Way to Afternoon Index Declines
Good morning, traders. Happy Thursday, September 5th. The market was climbing this morning, but within two hours, it looked red after ADP nonfarm payrolls came in at a three year low.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.\
$Tesla (TSLA.US)$ climbed 5% Thursday, the highest on the Nasdaq 100 after the firm said in a post it planned to launch self-driving assistance software in Europe and China in early 2025. The firm delayed its previous timeline for launch this year and is awaiting regulatory approval.
Shares for $JetBlue Airways (JBLU.US)$ rose after the airline bumped up its capacity and revenue guidance for the third quarter, crediting its raised views to favorable fuel prices and a lift in July bookings after technology outages caused cancellations for other carriers. Other airlines climbed on the news. $Frontier Group (ULCC.US)$ rose 6%, $Alaska Air (ALK.US)$ climbed 5%. $United Airlines (UAL.US)$ also climbed nearly 4%, one of the highest advancing on the S&P 500.
$Verizon (VZ.US)$ said it will acquire Frontier Communications in a $9.6 billion cash deal to boost the communication giant's fiber network. $Frontier Communications (FYBR.US)$ fell 9% on the news. Verizon said it would acquire the company for $38.50 a share, representing a 44% premium to its stock value.
In commodities, Oil prices rose more than 1% following a report that OPEC and its allies have reached a deal to pause their planned output hikes for two months, easing concerns about market oversupply. $Crude Oil Futures(NOV4) (CLmain.US)$ climbed 1.4% higher at $70.14 a barrel.
According to Bloomberg, OPEC+ planned to increase oil supply starting in October, with 180,000 barrels a day, and gradually stepping up further. However, Thursday's group delayed the hike due to concerns with global demand, pushing crude prices to their weakest levels in a year.
$Bitcoin (BTC.CC)$ fell to $56k. Gold and silver climbed alongisde the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$.
The market climbed Thursday at open, but by 11, indexes had turned sour, and prices began to fall.
Just past 11:15 am ET the $S&P 500 Index (.SPX.US)$ traded fell 0.34%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.67%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.07%.
Thursday, initial jobless claims figures from the Department of Labor Statistics came in at 227K, below last week's 230k. ADP numbers for private payrolls added to the economy showed just 99k jobs added in the past month, far below the 140k expected and the lowest number from ADP since 2021.
Wednesday, the JOLTS job openings came in lower than expected at 7.6M vs 8M. It is the lowest hiring data for open positions since 2021.
Tuesday, the S&P PMI and ISM PMI index numbers came out lower than estimated, with ISM at 47.2 vs 47.5 and S&P at 47.9 vs 48, compared to last month's 46.8 and 49.6, respectively.
Investors await Friday's nonfarm payrolls and the Bureau of Labor Statistics Unemployment rate. The market is watching for labor softness that could hurt stock prices but help the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting.
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Yesterday, users were screaming and yelling about the election: things are heating up. When not arguing about which candidate is worse, users watched Oil demand and tech companies like fan favorite $NVIDIA (NVDA.US)$.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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102658451 : 5th september not 5th august
山芭佬 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Clement Lemons : ok
101550592 :
102181510 : bad