US stocks retreat after jobless claims data

4 min read | September 10, 2021 08:10 AM AEST | By Sanjeeb Baruah

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Benchmark US indices closed in red on Thursday, September 9, after the latest labor data showed the number of jobless benefits claims dropped to the lowest level in 18 months.

The S&P 500 was down 0.46% to 4,493.28. The Dow Jones fell 0.43% to 34,879.38. The NASDAQ Composite shed 0.25% to 15,248.25, and the small-cap Russell 2000 was down 0.03% to 2,249.13.

Investors kept away from risky bets despite positive data. New unemployment benefits claims fell by 35,000 to 310,000 in the week ended Sep 4 from previous week’s figures, suggesting the labor market recovery is on track. However, traders chose to play safe amid mixed global cues.

Gold prices rose on Thursday after the US dollar marginally declined as the European Central Bank moved to dial back its €1.85 trillion (US$2.2 trillion) pandemic-era bond-buying scheme. The bank said the purchase amount would be 'moderately lower' than the last six months.

Global cues to watch out before ASX opens

Financial and basic material sectors were the biggest gainers on S&P 500. Healthcare and real estate stocks were the bottom movers. Eight of the 11 index segments stayed in the red.

GameStop Corp (GME) stocks traded flat after reporting mixed quarterly results a day before. Its net sales were US$1.183 billion in Q2 of FY 2021, and operating loss was US$58 million.

Shares of apparel company Lululemon Athletica Inc. (LULU) surged 10.58% in intraday trading after reporting strong quarterly results on Wednesday. Its revenue surged 61% YoY to US$1.5 billion in Q2, FY21, while income from operations increased by 134% YoY to US$291.0 million.

Gaming stocks Activision Blizzard, Inc. (ATVI) and Electronic Arts Inc. (EA) declined 2.83% and 1.10%, respectively. In the financial sector, JPMorgan Chase & Co. (JPM) increased by 0.48%, PayPal Holdings Inc. (PYPL) gained 0.83%, and Wells Fargo & Company rose 1.27%. Charles Schwab Corporation (SCHW) and Blackstone Inc. (BX) advanced 1.52% and 1.16%, respectively.

In healthcare stocks, Johnson & Johnson (JNJ) declined by 2.28%, Pfizer Inc. (PFE) fell 1.16%, Eli Lilly and Company (LLY) fell 5.71%, and AbbVie Inc. (ABBV) declined 2.71%.

In the real estate sector, American Tower Corporation (AMT) shed 1.76%, Prologis Inc. (PLD) fell 2.17%, and Crown Castle International Corp. (CCI) fell 1.58%.

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Top Gainers

Top performers on S&P 500 included Moderna Inc (7.81%), American Airlines Group Inc (5.59%), Willis Towers Watson PLC (4.45%), Under Armour Inc (4.32%). On NASDAQ, top performers were Rocket Lab USA Inc (37.31%), Gevo Inc (37.13%), Kaival Brands Innovations Group Inc (27.63%), Impel Neuropharma Inc (27.25%). On Dow Jones, Nike Inc (1.64%), Boeing Co (1.21%), JPMorgan Chase & Co (0.44%), Walt Disney Co (0.41%) were the leaders.

Top Losers

Top laggards on S&P 500 included Biogen Inc (-6.66%), Eli Lilly and Co (-5.82%), Digital Realty Trust Inc (-4.97%), Teleflex Inc (-3.68%). On NASDAQ, Humanigen Inc (-47.25%), Tuesday Morning Corp (-45.20%), Couchbase Inc (-19.33%), Otonomo Technologies Ltd (-17.41%). On Dow Jones, Amgen Inc (-2.40%), Johnson & Johnson (-2.23%), Merck & Co Inc (-2.04%), 3M Co (-1.14%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (12.13M), American Airlines Group Inc (10.43M), Ford Motor Co (9.86M), AT&T Inc (8.98M), Bank of America Corp (7.19M), Microsoft Corp (6.32M), Gevo Inc (24.51M), Vinco Ventures Inc (14.40M), Support.com Inc (9.76M), Aterian Inc (6.61M).

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Futures & Commodities

Gold futures were up 0.14% to US$1,796.05 per ounce. Silver increased by 0.11% to US$24.082 per ounce, while copper rose 1.16% to US$4.2820.

Brent oil futures decreased by 1.86% to US$71.25 per barrel and WTI crude was down 1.99% to US$67.92.

Bond Market

The 30-year Treasury bond yields was down 2.89% to 1.896, while the 10-year bond yields fell 3.07% to 1.299.

US Dollar Futures Index decreased by 0.14% to US$92.517.

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