Stocks slide as producer prices surge by most on record
2 min readU.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%.