The stock market recorded losses for the third day this week
as a couple of economic reports showed that the economy may be
The Conference Board's Index of Leading Indicators missed
expectations and initial jobless claims rose for the week ending
April 13. The leader to the downside on the session was the
Nasdaq Composite, which fell 1.20 percent.
Investor anxiety has picked up this week as a number of
economic reports have suggested that global growth could moderate
The Dow Jones Industrial Average fell 81 points, or 0.56
percent, to 14,537.
The S&P 500 lost around 10 points, or 0.67 percent, to
close at 1,542.
The Nasdaq dropped 38 points, or 1.20 percent, to 3,166.
Initial jobless claims rose for the week ending April 13 to
352,000 compared to 348,000 for the week ending April 6. Despite
the increase, this was below consensus estimates which expected
the initial jobless claims level to rise to 355,000.
Continuing claims fell from 3.103 million for the week ending
March 30 to 3.068 million for the week ending April 6. This was
in-line with consensus expectations.
Data from the Philly Fed's Business Outlook Survey showed that
manufacturing activities in the Philadelphia region slowed in
April but remained on a track of expansion. The Survey fell from
2.0 in March to 1.3 in April. This was well below consensus
estimates which expected the index to rise to 3.0.
The Conference Board's Index of Leading Indicators fell 0.1
percent in March after registering an increase of 0.5 percent in
February. This compared to expectations that the index would be
flat for March. Economists believe that the drop in the Leading
Indicators Index will likely be temporary.
Crude oil bounced back on Thursday despite more losses in the
stock market. Near the close of equity trading, NYMEX crude
futures were up a little less than 2 percent to $88.23. Brent
crude futures had risen around 2 percent to $100.39. Natural gas
surged almost 5 percent on the session and was last trading at
Precious metals were mixed on the day after recording sharp
losses earlier in the week. At last check, COMEX gold futures
were up 0.39 percent to $1,387.70 while silver futures had lost
0.70 percent and were trading at $23.17. Copper, which has been
sitting near new 52-week lows, added around 0.40 percent on the
In the agricultural complex, grain prices were mixed on the
day. At last check, corn futures had lost around 1.80 percent
while wheat was trading down less than 0.10 percent. Soybean
prices had risen roughly 0.70 percent near the close of equity
trading. Movers in soft commodities included coffee, which added
a little less than 3 percent, and sugar which was last trading
down around 1 percent.
Bond prices were slightly higher near the close of the equity
session. At last check, the iShares Barclays 20+ Year Treasury
Bond ETF (NYSE:
) had climbed 0.21 percent to $123.05. Yields were mixed on the
The yield on the 2-Year Note was unchanged at 0.23 percent
while the 5-Year Note yield fell one basis point to 0.70 percent.
The yield on both the 10-Year Note and 30-Year Bond lost one
basis point to 1.69 percent and 2.87 percent, respectively.
The U.S. dollar was slightly lower on Thursday. Near the
close, the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, has lost 0.09 percent to $22.45.
The closely watched EUR/USD pair was last trading up 0.28
percent to $1.3049. The USD/JPY rose 0.28 percent on the day and
the GBP/USD recorded a gain of 0.31 percent.
Volatility and Volume
Volatility expectations continued to rise on Thursday as the
major averages posted moderate losses. The VIX jumped a little
less than 5 percent on the day and was last trading at 17.32.
Volume was heavier than normal on the session. Around 146
million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of
around 127 million.
) was trading down around 7 percent near the closing bell after
the company released its fiscal first-quarter earnings results on
) had lost almost 6 percent late on Thursday in the wake of the
company's fiscal first-quarter earnings results.
) had added more than 16 percent late on Thursday after a
positive recommendation from an FDA panel regarding the company's
COPD drug Breo Ellipta.
Shares of Arch Coal (NYSE:
) had climbed around 9 percent near the close after a better than
expected quarterly earnings report from competitor Peabody Energy
). Peabody had climbed around 8 percent late in the day.
Core Laboratories (NYSE:
) was trading up better than 8 percent on Thursday after the
company reported better than expected first-quarter results.
Cypress Semiconductor (NASDAQ:
) fell almost 10 percent near the close after reporting a wider
than expected lost in its fiscal first-quarter.
) fell around 12 percent after the company delivered a
disappointing fiscal first-quarter report. Revenue, in
particular, was down sharply in the period.
) surged almost 12 percent late in the day after the company
posted a 49 percent increase in profit for its fiscal
) added around 3 percent on Thursday after the company released
its first-quarter results prior to the opening bell.
) was trading up around 3 percent near the close of trading as
the company posted better than expected revenue growth for its
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advice. All rights reserved.
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