Last Updated: 4:01 PM EST
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Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.36%, 0.53%, and 1.06%, respectively. On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 213,000 people filed for unemployment insurance for the first time. Expectations were for 220,000 individuals.
However, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.908 million. This was above the forecast of 1.87 million and higher than last week’s print of 1.872 million.
It’s worth noting that Continuing Jobless Claims have been on an overall uptrend since hitting record lows in September 2022, as the layoffs from large companies continue to impact the workforce.
Separately, the Federal Reserve Bank of Philadelphia released its Manufacturing Index report, which measures the general business conditions in Philadelphia. The report surveys approximately 250 manufacturers. A level above zero indicates improving conditions, while a number below zero indicates the opposite.
For November, the report came in at -5.5 compared to the forecast of 7.4, meaning that conditions worsened from last month.
First Published: 3:54 AM EST
U.S. stock futures mostly declined on Thursday morning as investors digested Nvidia’s (NVDA) Q3 earnings report. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down 0.29% and 0.15%, respectively, at 3:14 a.m. EST, November 21, while the Dow Jones Industrial Average (DJIA) futures were up 0.03%.
On Wednesday, the Dow Jones closed 0.32% higher, the S&P 500 remained relatively flat, and the Nasdaq Composite dipped 0.11%. The market’s performance was influenced by several factors, including mixed earnings reports and rising geopolitical tensions.
In the after-market trading, NVDA stock dropped over 2% despite beating analysts’ estimates and providing optimistic guidance. It seems investors were anticipating even stronger results, and the company’s failure to exceed these lofty expectations led to a sell-off. In contrast, data analytics software firm Snowflake (SNOW) gained 20% following the release of better-than-expected Q3 results.
Investors are now turning their attention to Thursday’s economic data releases, including Initial Jobless Claims data for the week ended November 15 and Existing Home Sales report. Additionally, comments from Federal Reserve officials are expected to provide insights into future monetary policy.
On the earnings front, companies like Gap (GAP), Intuit (INTU), PDD Holdings (PDD), Baidu (BIDU), and Deere (DE) are scheduled for today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.414%. At the same time, WTI crude oil futures trended higher, hovering near $69.41 per barrel as of the last check.
Elsewhere, European markets opened mixed today as traders assessed NVDA’s earnings report and awaited the release of Eurozone consumer confidence data later today.
Asia-Pacific Markets Traded Lower on Thursday
Most of the Asia-Pacific indices were in the red today as technology stocks remained under pressure after Nvidia reported its Q3 results.
Hong Kong’s Hang Seng index was down 0.47%. Also, Japan’s Nikkei and Topix indices finished lower by 0.85% and 0.57%, respectively. Further, China’s Shenzhen Component index declined 0.07%, while the Shanghai Composite index rose 0.07%.
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