US stocks slid on Thursday as weekly jobless claims posted a surprise jump, climbing back above 1 million after two straight periods of decline. Investors also weighed the stalled talks between Democrats and Republicans on the next coronavirus stimulus package. The Federal Reserve on Wednesday released minutes from its latest meeting, showing that the group thinks the recovery from the pandemic recession requires more government support. Read more on Business Insider.
US stocks fell on Thursday as weekly jobless claims posted a surprise increase, signaling a slowdown in the economic recovery. New US weekly jobless claims totaled 1.1 million in the week that ended on Saturday, the Labor Department reported on Thursday. That came in well above the consensus economist estimate of 920,000 compiled by Bloomberg and snapped a two-week streak of declines. "This is a temporary setback, as COVID-19 levels are still high but dropping, and re-openings continue, though at a slower pace given COVID-19's surge in July," said Robert Frick, a corporate economist at Navy Federal Credit Union. "It underscores the economy is fighting in the trenches with COVID-19." Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:
S&P 500: 3,365.29, down 0.3% Dow Jones industrial average: 27,585.42, down 0.4% (107 points) Nasdaq composite: 11,143.62, down 0.1%
Read more: Stock market wizard William O'Neil famously turned $5,000 into $200,000 in just a few years' time. Here's the 7-part model he uses to sniff out winning stocks. The labor-market report came as investors await signs that the next round of coronavirus aid will move forward in Washington; Democrats and Republicans remain deadlocked. Thursday's declines followed a late-day sell-off on Wednesday triggered by Federal Reserve minutes showing that the group thinks the recovery from the pandemic recession requires more government support. "The fact that the Fed appeared reluctant to step up further stimulus efforts imminently, disappointed the bulls who were expecting further clues on the trajectory of monetary policy," said Hussein Sayed, the chief market strategist at FXTM. Read more: JPMorgan pinpoints the triggers for a bond sell-off that can cause unusually large losses in everything from stocks to gold — and lays out how to be ready for it Earnings season continued. Shares of Nvidia slumped — even after reporting blowout earnings that beat expectations — as the company signaled that its data-center business may see slower growth. Its competitor Intel's stock gained after it announced an accelerated program to buy back $10 billion of its own stock. Oil fell after OPEC and the Fed said the recovery from the pandemic recession was taking longer than anticipated. West Texas Intermediate crude slipped as much as 2.3%, to $41.95 per barrel. Brent crude, the international benchmark, fell 2.4%, to $44.30 per barrel, at intraday lows. Read more: Jefferies says buy these 7 back-to-school stocks poised for big returns with much of the US going remoteJoin the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak
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Summary List Placement US stocks sank on Friday after President Donald Trump and First Lady Melania...Summary List Placement US stocks sank on Friday after President Donald Trump and First Lady Melania Trump said they both tested positive for COVID-19. The diagnosis adds more uncertainties to the final month of a presidential race already expected to fuel outsize market volatility. While some sectors pared losses and swung higher, falling tech stocks dragged on major indexes and led the Nasdaq composite to underperform its peers. Investors also faced off against weakening economic data. US businesses added 661,000 nonfarm payrolls in September, according to the Bureau of Labor Statistics. That's less than economists' expectation of 859,000 payrolls. Oil futures continued to slide below the $40 support level. West Texas Intermediate crude dropped as much as 5.4%, to $36.63 per barrel. Watch major indexes update live here. US equities tumbled on Friday after President Donald Trump and First Lady Melania Trump announced they both tested positive for COVID-19. Trump was tested late Thursday night after close aide Hope Hicks tested positive for the virus earlier in the week. The White House physician did not say whether the president was showing symptoms, or how long he had been infected. The diagnosis is poised to halt Trump's campaign events mere weeks away from the US presidential election. All three major stock indexes sank in the morning in choppy trading. While some sectors pared most losses through the day, falling tech giants slammed benchmarks and led the Nasdaq composite to underperform its peers. Utility, energy, real estate, and industrial stocks all posted gains. Here's where US indexes stood at the 4 p.m. ET market close on Friday: S&P 500: 3,348.44, down 1% Dow Jones industrial average: 27,682.81, down 0.5% (134 points) Nasdaq composite: 11,075.02, down 2.2% Read more: BANK OF AMERICA: Buy these 29 high-quality value stocks primed to cash in on the economic recovery The Cboe Volatility index — or VIX, which is commonly referred to as the stock market's fear gauge — soared as much as 12% before cooling through the morning. Airline and cruise stocks — some of the most common "reopening plays" — tumbled as Trump's diagnosis slammed hopes for a swift recovery. Safe-haven assets including the yen and Treasurys initially gained before investors reined in defensive bets. "Market swings can be unsettling, and there's a lot to think about with today's headlines. However, history has proven to us repeatedly that it's best to wait them out," Lindsey Bell, chief investment strategist at Ally Invest, said. "After the last eight months, you should be a pro at navigating rough waters like this." Read more: A fund manager who's beaten 99% of her peers over the past 5 years told us why she remains bullish on growth stocks despite the recent sell-off — and listed her 3 favorite stocks for continued gains in the decade to come Market participants also faced a worse-than-expected reading of the labor market Friday morning. American businesses added 661,000 nonfarm payrolls in September, according to the Bureau of Labor Statistics. The reading fell below the 859,000 additions expected by economists surveyed by Bloomberg. The unemployment rate fell to 7.9% through the month, beating the consensus estimate of 8.2%. Though the government's monthly report marked a fifth straight month of job additions, it also revealed a slowing pace of recovery for the beleaguered labor market. The millions of Americans still unemployed also find themselves without key assistance from the government. House Democrats advanced their own $2.2 trillion measure late Thursday, aiming to revive a $600 per week expansion to unemployment benefits and send another round of direct payments. Read more: Peter Mallouk built a $34 million RIA into a $50 billion giant. The wealth-management CEO pinpoints 3 opportunities his firm is implementing in client portfolios, and shares 2 tips on how to accumulate wealth. House Speaker Nancy Pelosi indicated she and Treasury Secretary Steven Mnuchin made some progress in reaching a compromise on Friday. Yet Senate Majority Leader Mitch McConnell has indicated that Senate Republicans won't back the bill. The US dollar initially slumped on the news of Trump's diagnosis before retracing losses. Spot gold hovered above its key support level of $1,900 per ounce, trading at $1,900.86. Oil prices continued to slide below $40 per barrel amid the chaotic trading. West Texas Intermediate crude sank as much as 5.4%, to $36.63 per barrel. Brent crude, oil's international benchmark, fell 5.2%, to $38.79 per barrel, at intraday lows. Now read more markets coverage from Markets Insider and Business Insider: US Investing Championship hopeful Evan Buenger raked in a 131.9% return through August. He shares the distinct spin he's putting on a classic trading strategy that's led to his outsize returns. Stock bullishness across Wall Street is back to pre-pandemic levels — and will likely spike even more after the US election, BofA says Penn National will nosedive 57% as weak fundamentals overshadow 'internet meme' rally, Deutsche Bank saysJoin the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
Summary List Placement US stocks climbed on Wednesday as investors digested a disorderly presidential debate and...Summary List Placement US stocks climbed on Wednesday as investors digested a disorderly presidential debate and wavering hopes for a near-term stimulus deal. All three major US indexes climbed through the day on renewed hopes for a deal. Stocks pared some gains after Senate Majority Leader Mitch McConnell balked at Democrats' latest proposal. The trio of indexes notched their first monthly losses since March after failing to retrace early September's tech-led slumps. On the economic data front, the September ADP report said US private firms added 749,000 payrolls last month, handily beating the median economist estimate of 649,000 payrolls. Watch major indexes update live here. US equities climbed on Wednesday as investors bet on slight progress in stimulus-deal talks. Premarket futures traded negative until Treasury Secretary Steven Mnuchin told CNBC that he expected to reach a stimulus deal with House Speaker Nancy Pelosi. All three major US indexes then opened in positive territory and gained through the session on revived hopes for a near-term compromise. Still, legislators have a ways to go before new spending proposals reach President Donald Trump's desk. House Democrats are set to vote on their $2.2 trillion measure tonight despite Senate Majority Leader Mitch McConnell balking at the bill's size. Pelosi and Mnuchin indicated they will continue to negotiate on a spending package. Here's where US indexes stood at the 4 p.m. ET close on Wednesday: S&P 500: 3,363.00, up 0.8% Dow Jones industrial average: 27,781.70, up 1.2% (329 points) Nasdaq composite: 11,167.51, up 0.7% Read more: BANK OF AMERICA: Buy these 29 high-quality value stocks primed to cash in on the economic recovery Despite Wednesday's gains, all three major indexes registered their first monthly declines since March. The gauges suffered throughout the month as investors balked at tech giants' lofty valuations and secured profits made in the market's summer rally. The positive market open was a turnaround from declines in the futures market late Tuesday as President Donald Trump and former Vice President Joe Biden sparred on stage for the first time. The chaotic presidential debate traded policy discussion for insult-tossing and interruptions, leaving some to wonder whether two more scheduled debates would still take place. Trump repeated claims that mail-in voting is fraudulent and stopped short of confirming that he would accept defeat should his opponent win in November. Several analysts have said a disputed election result would likely drive outsized market volatility and temporarily weigh on stocks. "It's hard to pick a winner, I think we're all losers as far as that debate is concerned, but Biden went into the debate clearly ahead in the polls and I'd be amazed if last night changed anything," Craig Erlam, a senior market analyst at Oanda Europe, said in a note. "I guess he technically wins by default." Read more: Michael Smith returned 39% to investors last year and is outpacing most of his rivals again in 2020. He breaks down how his fund differentiates itself from the competition, and shares 4 of his top stock picks today. Indexes also pared some premarket losses after a better-than-expected reading from the monthly ADP report. Private US companies added 749,000 payrolls in September, the company said. That came in above the median economist estimate of 649,000 payrolls, according to Bloomberg data. The monthly ADP report serves as a precursor to the US government's nonfarm-payrolls report on Friday. That release is expected to show that the unemployment rate fell to 8.2% from 8.4%. Economists also expect it to show 850,000 payroll additions in September. Healthcare and consumer staples names drove indexes higher while energy and industrial stocks notched slight losses. Popular tech names including Apple, Microsoft, and Nvidia gained. Palantir sank below its opening price of $10 per share after surging immediately after its highly anticipated direct listing. Asana similarly declined after its own Wednesday debut. Disney sank after announcing plans to lay off 28,000 workers in the company's struggling resort business. It would be one of the largest layoffs during the coronavirus pandemic. Read more: JPMORGAN: The best defenses against stock-market crashes are delivering their weakest results in a decade. Here are 3 ways to adjust your portfolio for this predicament. Micron fell as gloomy forward guidance overshadowed the chipmaker's strong quarterly performance. Though the company nearly doubled its profit, investors dumped shares after Micron said it wasn't sure when chip sales to Huawei could resume; Huawei's purchases made up 10% of Micron's fourth-quarter sales. Spot gold sank after flirting with the $1,900 threshold, sliding as much as 0.9% to $1881.4800 per ounce. The precious metal has toyed with the key psychological level through the past week after losing the support in mid-September. Oil traded mixed. West Texas Intermediate crude jumped as much as 2.8%, to $40.37 per barrel. Brent crude, oil's international benchmark, fell 1.8%, to $40.30 per barrel, at intraday lows. 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US equities rose on Thursday after June's jobs report trounced estimates and lifted hopes for a...US equities rose on Thursday after June's jobs report trounced estimates and lifted hopes for a swift economic recovery. The tech-heavy Nasdaq composite closed at a record high. American businesses added 4.8 million payrolls last month, according to the Bureau of Labor Statistics, handily beating expectations of a 3 million increase. The unemployment rate fell to 11.1%, below the anticipated reading of 12.5%. Tesla surged to a record high after it said it delivered more vehicles than expected in the second quarter. Oil prices climbed, with West Texas Intermediate crude gaining as much as 2.3%, to $40.74 per barrel. Watch major indexes update live here. US stocks gained on Thursday after June jobs data beat expectations and further fueled hopes for a near-term economic rebound. The tech-heavy Nasdaq composite closed at a record high. The economy added 4.8 million nonfarm payrolls last month, the Bureau of Labor Statistics announced on Thursday morning. That exceeded the consensus economist forecast of 3 million job additions. The unemployment rate fell to 11.1% — lower than economists' forecast of 12.5% — from 13.3% in May. Here's where US indexes stood at the 4 p.m. ET market close on Thursday: S&P 500: 3,130.02, up 0.5% Dow Jones industrial average: 25,827.42, up 0.4% (92 points) Nasdaq composite: 10,207.63, up 0.5% Read more: The most accurate tech analyst on Wall Street says these 6 stocks have potential for huge gains as they transform the sector The jobs report revealed healthy hiring activity during economic-reopening efforts. However, its data doesn't cover recent weeks when coronavirus cases have soared in several states. The surge has some experts fearing a second bout of economic pain. "High-frequency data suggests that the labor market strength had started to wane later in the month, perhaps as households and businesses grew increasingly cautious about the rise in infection rates," said Seema Shah, the chief strategist at Principal Global Investors. She added: "Indeed, now, with the closings having been reversed or paused across 40% of the US, July's job report may paint a much weaker story." Indexes trimmed gains through the morning and largely traded flat in the afternoon following the positive data. Read more: A 22-year market vet explains why stocks are headed for a 'massive reset' as the economy struggles to recover from COVID-19 — and outlines why that will put mega-cap tech companies in serious danger Jobless claims fell to 1.43 million in the week that ended on Saturday, a slight decline from 1.48 million the prior week. Continuing claims, which track ongoing unemployment benefits, came in at 19.3 million for the week that ended on June 20. Tesla stock skyrocketed to a record high after it reported second-quarter deliveries that came in above estimates. The automaker said it delivered roughly 90,650 vehicles in the period, while analysts surveyed by FactSet had expected 72,000 deliveries, according to CNBC. Lemonade, a tech-driven insurance company, spiked as much as 132% in its trading debut on Thursday. The SoftBank-backed firm raised $319 million in the initial public offering, bringing its total valuation to $1.6 billion. Boeing helped lift the Dow before paring gains later in the session. Shares bounced after the company completed recertification flights of its troubled 737 Max model. Read more: GOLDMAN SACHS: Buy these 15 super-cheap stocks now before their prices catch up to their strong growth and earnings prospects Oil prices climbed. West Texas Intermediate crude climbed as much as 2.3%, to $40.74 per barrel. Brent crude, the international benchmark, gained 2.9%, to $43.23 per barrel, at intraday highs. Thursday's upswing followed a mixed session for equities. Stocks whipsawed on Wednesday as investors mulled positive COVID-19 vaccine trial results from Pfizer and soaring case counts across the US. June payroll data from ADP came in lower than hoped for, and some feared that Thursday's jobs report would disappoint. Now read more markets coverage from Markets Insider and Business Insider: Trump's favorite trade scorecard worsened in May as exports hit lowest level since 2009 Failure to slow the spread of COVID-19 could spark a full-blown financial crisis, Fed president says Fed officials pushed for clearer guidance on future policy, meeting minutes showJoin the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths