Wall Street Today | Market Falls Thursday, But Tech Climbs
![Wall Street Today | Market Falls Thursday, But Tech Climbs](https://ussnsimg.moomoo.com/sns_client_feed/77777011/20240717/1721161187004-3fe5f058dd.png/big?area=999&is_public=true)
The market was climbing Thursday morning, but within two hours, the market fell after ADP nonfarm payrolls came in at a three-year low. Just the 4 pm close, the $S&P 500 Index (.SPX.US)$ traded fell 0.30%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.54%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.25%
MACRO
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.
SECTORS
In commodities, Oil prices rose more than 1% at one point 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.
According to Bloomberg, OPEC+ planned to increase oil supply starting in October to 180,000 barrels a day, and gradually stepping up further. However, Thursday the group delayed the hike due to concerns with global demand, pushing crude prices to their weakest levels in a year. $Crude Oil Futures(OCT4) (CLmain.US)$ finished at $69/barrel.
![Wall Street Today | Market Falls Thursday, But Tech Climbs](https://ussnsimg.moomoo.com/sns_client_feed/77777011/20240906/1725565351803-4f56059e41.png/big?area=999&is_public=true)
$Bitcoin (BTC.CC)$ fell to $56k. Gold and silver climbed while the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
MOOVERS
$Tesla (TSLA.US)$ climbed 4% 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 launch timeline this year and is awaiting regulatory approval.
$C3.ai (AI.US)$ stock fell as much as 18% intraday on Thursday, the lowest intraday price since early May 2023. The slide came after the company reported a 20% increase in subscription revenue growth to $87.2 million for the quarter that ended July 31. Analysts, on average, expected $79.1 million, according to estimates compiled by Bloomberg.
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.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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