Wall Street Today | Market Falls Thursday, But Tech Climbs

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%

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.

$Bitcoin (BTC.CC)$ 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.

$Tesla (TSLA.US)$ 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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