The Dow Jones Industrial Average fell 0.5% at 1:30 p.m. ET Thursday, even as several leaders gained. Indexes accelerated losses and sank to session lows.
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The post Dow Jones Losses Deepen Despite Jobless Claims Surprise; Microsoft’s New Bing Hits 100 Million Daily Users appeared first on Investor’s Business Daily.
Apple (AAPL) rose after yet another analyst upgrade. Microsoft (MSFT) and Intel (INTC) were also Dow tech leaders, gaining along with Chevron (CVX). JPMorgan Chase (JPM) and Boeing (BA) dragged the index down. JPM is on pace for its largest drop since Jan. 14, 2022.
Jobless claims rose more than expected, to 211,000 for the week ended March 4, up from 190,000 the prior week. According to Comerica Chief Economist Bill Adams, the warmer winter this year boosted hiring. That may now begin to fade, showing that “the labor market is past maximum tightness.” Friday’s jobs report will likely show unemployment rate unchanged at 3.4% — “the lowest in over half a century.”
The S&P 500 also fell at the hour by 0.6%. Some stocks gained here. General Electric (GE) and PayPal (PYPL) were big movers. General Electric gave bullish guidance for 2023, sending shares soaring to nearly five year highs. GE spun off its health care business in January to focus on aerospace, power and renewable products.
Tech leaders were largely lower, although Amazon.com (AMZN) and Advanced Micro Devices (AMD) outperformed on a relative basis. The Nasdaq fell 0.7%, pulled down in part by Chinese internet stock JD.com (JD), whose earnings disappointed, and PDD (PDD), formerly known as Pinduoduo, which fell in sympathy.
Volume on the NYSE was higher and lower on the Nasdaq compared with the same time on Wednesday.
The Innovator IBD 50 ETF (FFTY) slid 2%.
Crude oil nudged lower to trade at $76.39 a barrel.
The yield on the benchmark 10-year Treasury note fell 3 basis points to 3.94%.
The small-cap Russell 2000 index marked the day’s greatest loss, down over 1%.
Dow Jones Leaders
Wedbush analyst Dan Ives was the latest to join a growing group of analysts turning bullish on tech leader Apple. Ives increased his price target from 180 to 190 for the Cupertino, Calif., electronics giant. Earlier, Goldman Sachs’ Michael Ng showed confidence for a 199 goal and initiated with a buy rating, while Morgan Stanley analyst Erik Woodring saw the stock hitting 180 due to a spike in iPhone subscription volume.
Shares of Microsoft rose 1% after the new AI-powered Bing reached 100 million daily active users. The new Bing offers search, chat, and answers as well as content creation features, all in one place.
Stocks Moving Today
Sellers swarmed over the banking sector. The KBW Bank Index of 24 leading banks slid 6.4%, on pace for its worst day since June 26, 2020, according to Dow Jones Market Data. SPDR S&P Bank ETF (KBE) was down 6.7%.
Silicon Valley Bank parent SVB Financial Group (SIVB) plunged over 45% after news that it is offering $1.25 billion in stock to help it get through its rapid cash burn.
Charles Schwab (SCHW) fell nearly 10% and was on pace for its largest percent decrease since April 2022.
A fresh bout of selling sent crypto firm Silvergate (SI) reeling further on Thursday after news that it will shut down. Bitcoin fell nearly 2%.
Shares of Asana (ASAN) gapped up over 20% in strong volume after earnings. The workflow management platform firm also gave a strong outlook.
BJ’s Wholesale (BJ) also surged higher after strong earnings. Shares are in a buy zone above a buy point of 75.64.
Please follow VRamakrishnan for more news on the stock market today.
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