Stocks slide as producer prices surge by most on record
2 min readFOX Business’ Stuart Varney and Susan Li on Wednesday’s market open, entertainment stocks and cryptocurrencies.
U.S. stock indexes were lower Thursday as investors weighed the biggest annual increase for producer prices on record against an improving labor market.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35438.24 | -46.73 | -0.13% |
| SP500 | S&P 500 | 4453.84 | +6.14 | +0.14% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14789.769529 | +24.63 | +0.17% |
The Dow Jones Industrial Average fell 66 points, or 0.18%, while the S&P 500 index and the Nasdaq Composite index slipped 0.17% and 0.29%, respectively. Both the Dow and S&P 500 have over the past two sessions closed at all-time highs.
The producer price index for July increased at a 7.8% annual pace, the fastest since recordkeeping began in November 2010. Prices were up 1% month over month, matching the increase in June.
Elsewhere in the economy, initial jobless claims last week fell to 375,000, matching estimates. Continuing claims, meanwhile, slid to a pandemic-era low of 2.866 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR, INC. | 220.26 | -1.35 | -0.61% |
| NUE | NUCOR CORP. | 124.00 | +1.29 | +1.05% |
In stocks, Caterpillar Inc. and Nucor Corp. were among the companies looking to build on the recent momentum gained from the Senate passing the $1 trillion infrastructure bill that would provide funding for roads, bridges, and other things.
Drugmakers Pfizer Inc., Moderna Inc., Johnson & Johnson, and BioNTech SE were in focus after The Wall Street Journal reported the U.S. Food and Drug Administration was considering authorization of a COVID-19 booster shot for people with weakened immune systems.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 47.16 | +0.85 | +1.85% |
| MRNA | MODERNA, INC. | 390.81 | +5.48 | +1.42% |
| JNJ | JOHNSON & JOHNSON | 174.98 | +1.11 | +0.64% |
| BNTX | BIONTECH SE | 376.72 | +17.53 | +4.88% |
EBay Inc. reported mixed quarterly results as a reopening of brick-and-mortar stores contributed to a 2% year-over-year decline in the number of active buyers on its platform. The e-commerce marketplace forecast current-quarter revenue below analyst expectations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EBAY | EBAY, INC. | 68.02 | 0.00 | 0.00% |
| BMBL | BUMBLE INC | 51.64 | +3.97 | +8.33% |
| PLT | n.a. | n.a. | n.a. | n.a. |
Bumble Inc. missed on earnings, but beat on revenue. The dating app maker forecast current-quarter revenue above expectations.
Big data provider Palantir Technologies Inc. topped sales estimates as revenue surged 49% year over year. Adjusted earnings matched Wall Street estimates.
Walt Disney Co. and Airbnb Inc. are among the companies set to report their quarterly results after Thursday’s closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 178.69 | +0.62 | +0.35% |
| ABNB | AIRBNB, INC. | 149.99 | +1.83 | +1.24% |
In commodities, West Texas Intermediate crude oil slipped 16 cents to $68.99 a barrel and gold slumped $3.50 to $1,749.80 an ounce.
Overseas markets were mixed.
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In Europe, Britain’s FTSE 100 declined 0.23% while France’s CAC 40 and Germany’s DAX 30 climbed 0.46% and 0.82%, respectively.
Asian markets finished lower across the board with Japan’s Nikkei 225 slipping 0.2%, China’s Shanghai Composite sliding 0.22% and Hong Kong’s Hang Seng index falling 0.53%.
