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Stocks were mixed early Thursday as traders get set for a number of economic reports and some additional earnings from some of the biggest companies in the S&P 500.
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Dow futures were lower by 120 points, a decline of 0.4%, and the S&P 500 was off less than 0.1%. However, the Nasdaq Composite, which bounced back on Wednesday following a two-day decline, was higher by 0.4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 29397.63 | -23.29 | -0.08% |
| SP500 | S&P 500 | 3572.66 | +27.13 | +0.77% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11786.430896 | +232.57 | +2.01% |
European indices were also lower, with the German DAX and French CAC 40 down approximately 0.6%, while the U.K.’s FTSE 100 index was lower by 0.2%.
NASDAQ, S&P BOUNCE BACK, DOW DRIFTS ON AMEX WEAKNESS
INITIAL CLAIMS, INFLATION DATA IN THE SPOTLIGHT
Thursday will see the release of some crucial economic data, with initial jobless claims and consumer pricing information at the forefront of traders’ minds.
The consumer price index (CPI) for October will be released at 8:30 a.m., with economists expecting a reading of 0.2%. Excluding food and energy, the CPI, a closely watched measure of inflation, is also expected to rise by 0.2%.
Initial and continuing claims will also be released, with traders getting a better picture of the labor situation in the country, which has been impacted by the coronavirus pandemic.
Economists expect 740,000 people to file for first-time unemployment for the week ending Nov. 7.
DISNEY, CISCO EARNINGS ON TAP
While the majority of S&P 500 companies have reported results, there are a few left to shed light on the health of their businesses, including media heavyweight Disney and networking equipment giant Cisco.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 137.82 | -4.29 | -3.02% |
| CSCO | CISCO SYSTEMS INC. | 39.33 | +0.61 | +1.58% |
Both companies will report earnings after the close of trading. Disney will be of particular interest, given its hotel and parks business has been severely impacted by the pandemic, resulting in the company furloughing thousands of workers.
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GOLD SHINES
In other commodities, gold rose slightly to $1,867 an ounce.
