US stocks close mixed as energy stocks decline; BABA, COIN rally

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Wall Street indices closed mixed on Thursday, August 4, as losses in the energy sector offset gains in the technology stocks. Concerns over the global outlook have dragged down the oil prices to their lowest level since before the start of the Russia-Ukraine war in February.

The S&P 500 fell 0.08 per cent to 4,151.94. The Dow Jones was down 0.26 per cent to 32,726.82. The NASDAQ Composite added 0.41 per cent to 12,720.58, and the small-cap Russell 2000 fell 0.13 per cent to 1,906.46.

The investors are now eagerly waiting for job data that is expected to release by the Labor Department on August 5. The report would provide insights on how Federal Reserve may react in the coming months in an effort to bring down inflation by cooling labor demand.

Meanwhile, Cleveland Fed President Loretta Mester, reverberates that the Federal Reserve needs to stick to its tight monetary policy for several months now to bring down the inflation below its target level of two per cent. Notably, Loretta Mester is a voting member of the rate-setting committee.

In addition, the number of Americans filing for new unemployment benefits claims increased to 260,000 in the last week of July, a surge of 6,000 from the prior week. The number of new filings ticked up since late March, pointing toward the cooling economy.

On Thursday, Seven of the 11 segments of the S&P 500 index stayed in the positive territory. The consumer discretionary and information technology sectors were the gainers. The energy and healthcare sectors were the bottom movers.

Shares of Alibaba Group Holding Limited (BABA) gained 1.53 per cent in the intraday trading session on Thursday after the Chinese e-commerce giant reported its June quarter earnings results. The company reported a muted revenue growth first time in its history due to lockdowns in China.

The crypto exchange operator, Coinbase Global, Inc. (COIN) added 8.32 per cent on Thursday, following its partnership announcement with the investment management firm, BlackRock, Inc. (BLK). The BLK stock traded flat on August 4.

Shares of Eli Lilly and Company (LLY) lost 2.56 per cent after the pharmaceutical firm reported a decline in its second-quarter revenue.

ChemoCentryx, Inc. (CCXI) stock rocketed over 110 per cent, after the biotechnology firm, Amgen Inc. (AMGN) said that it would acquire the company for about US$ 4 billion. AMGN traded flat following the news.

In the consumer discretionary sector,, Inc. (AMZN) increased by 2.19 per cent, Tesla, Inc. (TSLA) ticked up 0.40 per cent, and (JD) added 3.63 per cent. Airbnb, Inc. (ABNB) and Pinduoduo Inc. (PDD) rose 3.65 per cent and 3.24 per cent, respectively.

In technology stocks, NVIDIA Corporation (NVDA) soared 1.70 per cent, Taiwan Semiconductor Manufacturing Company Limited (TSM) gained 2.21 per cent, and ASML Holding N.V. (ASML) advanced 1.03 per cent. Broadcom Inc. (AVGO) and Adobe Inc. (ADBE) surged 1.11 per cent and 1.43 per cent, respectively.

In the energy sector, Exxon Mobil Corporation (XOM) fell 4.21 per cent, Chevron Corporation (CVX) lost 2.72 per cent, and Shell plc (SHEL) tumbled 2.43 per cent. ConocoPhillips (COP) and Equinor ASA (EQNR) decreased by 1.58 per cent and 3.61 per cent, respectively.

Futures & Commodities

Gold futures were up 1.79 per cent to US$1,808.20 per ounce. Silver increased by 1.24 per cent to US$20.140 per ounce, while copper rose 0.38 per cent to US$3.4802.

Brent oil futures decreased by 3.35 per cent to US$93.54 per barrel and WTI crude was down 2.88 per cent to US$88.05.

Bond Market

The 30-year Treasury bond yields were up 0.09 per cent to 2.980, while the 10-year bond yields fell 2.31 per cent to 2.685.

US Dollar Futures Index decreased by 0.69% to US$105.642.



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