US stocks were little changed on Thursday after uneventful trading as investors looked ahead to Friday’s July jobs report and piled on more gains.
The S&P 500 fell 0.1%, while the Dow Jones Industrial Average fell about 0.3%. After rallying on Wednesday, tech stocks tried to regain momentum, with the Nasdaq up 0.4%.
The biggest action in the markets on Thursday, however, came away from the major stock indexes, with the price of WTI crude falling below $90 a barrel for the first time since early February and shares of Coinbase ( COIN ) rising up to 40%.
Shares of Coinbase moved Thursday after the company announced it had partnered with BlackRock ( BLK ) to expand access to crypto markets for institutional investors.
Coinbase shares, which closed at an all-time low of $47.02 on June 30, traded as high as $115 early Thursday. About two hours into the trading session, Coinbase shares were trading closer to $95.
Elsewhere, in single-name moves, shares of Chinese conglomerate AMTD IDEA Group ( AMTD ) fell 27% and its subsidiary AMTD Digital ( HKD ) fell 18% in early trade.
AMTD Digital has become a fascination for investors this week with the company’s market value exceeding $400 billion at one point. In a statement early Tuesday, the company said it had seen “significant volatility in the price of our ADSs and also observed very active trading volume. To our knowledge, there are no circumstances, events or other important matters related to the business and operation of our company. activities since the date of IPO.”
The company’s statement was called a “thank you note” to investors.
In economic news, first-time claims for unemployment insurance in the US rose to 260,000 in the week ended July 30, up 6,000 from the previous week’s reading, the Department of Labor. The figure was in line with estimates by Bloomberg economists.
Investors await the main monthly jobs report for July on Friday. Economists expect the broader jobs report to show 250,000 new jobs were created last month, a sharp decline from the 372,000 jobs added in June.
The story continues
Thursday’s moves follow a big day on Wall Street on Wednesday that saw the S&P 500 rise 1.6%, putting the benchmark 13% above June 16 lows, its biggest rebound of the year Meanwhile, the VIX, Wall Street’s gauge of volatility, fell to 22, its second-lowest close since mid-April.
NEW YORK, NEW YORK – JULY 25: People walk outside the New York Stock Exchange (NYSE) on July 25, 2022 in New York City. Stocks rose slightly in the morning as investors weighed the upcoming Federal Reserve meeting this coming Wednesday. (Photo by Spencer Platt/Getty Images)
“We are clearly better than past ‘dead cat rebounds,'” DataTrek’s Nicholas Colas said in a note, though he added that a close below 20 for the Vix in the next two months may suggest a “excessive market complacency” in an equity investment environment that remains uncertain.
“While we are happy that US stocks are moving higher in a more convincing fashion than previous rallies in 2022, we think it makes sense to stay tuned on the trade-offs between risk and return until we have a clearer picture of inflation and the Fed’s future monetary policy,” Colas said. said
On the earnings side, Chinese e-commerce giant Alibaba Group ( BABA ) reported results for its fiscal first quarter on Thursday that beat Wall Street estimates. Shares rose more than 5% early Thursday.
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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