Last Updated: 4:09 PM EST
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Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.83% and 0.21%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.33%. On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 227,000 people filed for unemployment insurance for the first time. Expectations were for 243,000 individuals.
However, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.897 million. This was above the forecast of 1.88 million and higher than last week’s print of 1.869 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.
In a separate development, the Census Bureau put out its United States New Home Sales data for September, which came in at 738,000. For reference, forecasters were expecting a print of 719,000. This was also higher than last month’s report of 709,000. Furthermore, house prices saw an increase. Indeed, the median sales price was $426,300 in September compared to $420,600 in August, while the average sales price rose from $492,700 to $501,000.
However, U.S. Building Permits missed expectations, with a print of 1.425 million compared to the forecast of 1.428 million. This was a decrease from the prior month’s report, which came in at 1.47 million, equating to a 3.1% month-over-month drop. It’s worth noting that building permit figures have been relatively stable since April 2023.
First Published: 4:34 AM EST
U.S. stock futures are mixed on Thursday morning following a three-day losing streak for the S&P 500 index (SPX) and the Dow Jones Industrial Average (DJIA). Futures on the Nasdaq 100 (NDX) and the SPX were up 0.87% and 0.47%, respectively, while those on the DJIA were down 0.05% at 4:30 a.m. EST, October 24.
On Wednesday, all three indices ended lower as the September quarter earnings season brings in a series of mixed results from major companies. Furthermore, the benchmark 10-year U.S. Treasury yield crossed a new high of 4.25% yesterday, reflecting concerns about the U.S. economy and government deficits.
Turning toward the earnings front, EV maker Tesla (TSLA) surprised investors with a healthy Q3 FY24 EPS beat, pushing its shares up 12.1% in after-hours trading yesterday. Additionally, tech company International Business Machines (IBM) reported mixed Q3 results, with earnings beating expectations but sales missed estimates. Other stocks that saw notable moves after hours included Las Vegas Sands (LVS), T-Mobile (TMUS), Lam Research (LCRX), and Service Now (NOW).
Coming to key economic reports, the weekly jobless claims, Building Permits, and New Home Sales are due today.
Meanwhile, out of the roughly 233 companies set to release results today, investors and Wall Street keenly await results from major companies like American Airlines (AAL), Southwest Airlines (LUV), United Parcel Services (UPS), Honeywell International (HON), and Northrop Grumman (NOC).
Remarkably, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.2%. At the same time, WTI crude oil futures trended higher, hovering near $71.68 per barrel as of the last check.
Elsewhere, all major European indices are in the green as companies reported impressive earnings this morning. Shares of British bank Barclays (GB:BARC) and French fashion company Hermes (FR:RMS) rose in early trade after reporting solid results.
Asia Pacific Markets Trend Lower on Thursday
A majority of Asia-Pacific indices are trending lower today following declines on Wall Street and the DJIA posting its worst single-day drop since September.
Hong Kong’s Hang Seng index and China’s Shenzhen Component and Shanghai Composite indices are inching lower by 1.32%, 1.16%, and 0.68%, respectively.
However, Japan’s indices traded mixed, with the Nikkei 225 ending up 0.10% and the Topix Index closing down 0.05%.
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