‘Making Money’ host Charles Payne answers viewer questions and gives advice on investing in the stock market.
U.S. equity markets were modestly higher Thursday morning as Treasury Secretary Janet Yellen was set to meet with regulators on the Reddit trading frenzy and as earnings season rolled on.
Continue Reading Below
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 30957.69 | +234.09 | +0.76% |
| SP500 | S&P 500 | 3849.32 | +19.15 | +0.50% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13660.782903 | +50.24 | +0.37% |
The Dow Jones Industrial Average was trading up 65 points, or 0.21%, while the S&P 500 and the Nasdaq Composite gained 0.32% and 0.64%, respectively.
Encouraging news on the economic front, U.S. jobless claims fell to 779,000, a better level than the 830,000 estimates. Continuing claims also dipped to 4.59 million, while still elevated, it is a small sign of progress in the COVID-19 recovery.
On Capitol Hill, Democrats in the House and Senate are set to introduce a resolution Thursday calling on President Biden to take executive action and erase $50,000 of federal student loan debt per individual. Biden has previously pushed back against a cancellation that large in favor of an elimination of $10,000 of student loan debt.
REDDIT TRADERS POSE BIGGEST THREAT TO ROBINHOOD POST IPO
In stocks, Gamestop Corp. and other companies that have seen wild gyrations in their share prices after a group of Reddit traders amassed positions to squeeze short-sellers were in focus Thursday as Treasury Secretary Janet Yellen prepared to meet with regulators to discuss the recent volatility.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 77.02 | -15.75 | -16.98% |
Meanwhile, Apple Inc. is nearing a deal with Hyundai-Kia on an Apple Car, according to reports. Talks are centered on a fully autonomous vehicle built in Georgia with production tentatively scheduled to begin in 2024.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 135.45 | +1.51 | +1.13% |
In earnings, The Clorox Co. boosted its full-year profit and sales forecasts as the COVID-19 pandemic continued to fuel strong demand for its cleaning products.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLX | CLOROX | 194.66 | -9.92 | -4.85% |
Coach handbag maker Tapestry reported sales in its holiday quarter fell 7.7% from a year ago, but the results outpaced analyst expectations. Stronger-than-expected sales were fueled by a surge in online shopping and increased demand for luxury goods in China.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TPR | TAPESTRY INC. | 35.53 | +0.93 | +2.69% |
Merck & Co. announced CEO Kenneth Frazier will retire after 30 years at the company. He will be replaced by CFO Robert Davis, but remain on the board of directors as executive chairman. The announcement came alongside the drugmaker’s quarterly results which fell short of Wall Street expectations on both earnings and sales.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRK | MERCK & CO. INC. | 76.03 | -1.28 | -1.66% |
In commodities, West Texas Intermediate crude oil climbed 31 cents to $56 per barrel and gold lost $37.50 to $1,797.60 an ounce.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In Europe, Britain’s FTSE 100 was trading down 0.13% after the Bank of England kept policy on hold while France’s CAC 40 and Germany’s DAX 30 were up 0.46% and 0.38%, respectively.
Asian markets were broadly lower with Japan’s Nikkei 225 falling 1.06%, Hong Kong’s Hang Seng index declining 0.66% and China’s Shanghai Composite index sliding 0.44%.
