The U.S. stock market recorded small losses on Thursday
despite a report which showed a drop in both initial jobless
claims and continuing claims.
Volatility levels rose on the session as the market fell, but
the VIX remains at historically low levels. In the currency
markets, the yen and euro fell sharply against the greenback.
The Dow Jones Industrial Average lost a little better than 22
points, or 0.15 percent, to 15,083.
The S&P 500 lost 6 points, or 0.37 percent, to 1,627.
The Nasdaq lost 4 points, or 0.12 percent, to 3,409.
Initial jobless claims fell from 327,000 for the week ending
April 27 to 323,000 for the week ending May 4. This came in below
consensus estimates which called for an increase in initial
claims to 336,000.
Continuing claims for fell to 3.005 million for the week
ending April 27 from 3.032 million for the week ending April 20.
This compared to consensus estimates of 3.019 million.
Wholesale inventories rose 0.4 percent for the month of March
after falling 0.3 percent in February. This came in slightly
above consensus estimates which called for wholesale inventories
to increase 0.3 percent.
Oil prices fell on Thursday. Late in the day, NYMEX crude
futures were down 0.85 percent to $95.80. Brent futures were last
down 0.32 percent to $104.01. Natural gas futures were up 0.08
percent to $3.98 near the close of equities.
Precious metals also traded down on the session. COMEX Gold
futures were last down 1.21 percent to $1,455.90 while silver had
lost 1.10 percent to $23.67. Copper futures fell a little better
than 1 percent on Thursday.
In the agricultural complex, grains were higher across the
board. Corn and wheat futures both added around 2.50 percent on
the session. Movers in soft commodities included cocoa, which
lost a little less than 2 percent, and coffee which was last
trading up 2.60 percent.
Bond prices were slightly lower on the session. Near the close
of stocks, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) was down 0.21 percent to $120.10. At last check, yields were
unchanged across the board on Thursday.
The U.S. dollar was sharply higher on Thursday. The
PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.92 percent to $22.47.
The closely watched EUR/USD pair was last trading down 1.09
percent to $1.3016. Other movers included the USD/JPY and the
AUD/USD. The yen lost around 1.79 percent and the Australian
dollar lost 1.14 percent versus the greenback. The GBP/USD fell
Volatility and Volume
The CBOE Volatility Index rose on Thursday as stocks recorded
small losses. Late in the day, the VIX was up a little less than
4 percent to 13.14.
Volume was lighter than normal on the session. Only around
96.5 million SPDR S&P 500 ETF (NYSE:
) shares traded hands on Thursday versus a 3-month daily average
of 125 million.
Late in the day, Tesla Motors (NASDAQ:
) was up around 25 percent. The catalyst for the move in the
stock was the company's first-quarter earnings results.
Green Mountain Coffee Roasters (NASDAQ:
) jumped almost 28 percent on Thursday after the company reported
better than expected second-quarter earnings.
Shares of Ctrip.com (NASDAQ:
) added 26 percent after the company's Q1 results.
Daily deals site Groupon (NASDAQ:
) rose more than 11 percent on the day in the wake of the
company's fiscal first-quarter earnings results.
Barnes & Noble (NYSE:
) climbed more than 24 percent after a report suggested that
Microsoft is considering an offer to acquire all of Nook Media's
Rackspace Hosting (NYSE:
) plunged almost 25 percent on the session after the company
missed Q1 earnings estimates.
McDermott International (NYSE:
) lost 13 percent in the wake of the company's Q1 earnings
SS and C Technologies Holdings (NASDAQ:
) fell almost 10 percent on Thursday after pricing a secondary
J2 Global (NASDAQ:
) lost more than 7 percent after the company reported its
first-quarter earnings and provided updated guidance.
Monster Beverage (NASDAQ:
) fell more than 5 percent after the company missed Wall Street
Q1 consensus estimates.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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