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FOX Business’s Stuart Varney and Susan Li on Wednesday’s Market Opening, Big Tech and Transportation Stocks.
U.S. stock indices hit record highs on Thursday as investors digested President Biden’s plans to electrify the U.S. auto market and awaited the July jobs report.
The Dow Jones Industrial Average rose 271 points, or 0.78%, while the S&P 500 Index and the Nasdaq Composite Index rose 0.6% and 0.78% respectively. The S&P 500 and Nasdaq both closed at record highs as the Dow finished 80 points below its own record.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | MEDIUM DOW JONES | 35064.25 | +271.58 | + 0.78% |
| SP500 | S&P 500 | 4429.1 | +26.44 | + 0.60% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14895.117079 | +114.58 | + 0.78% |
The Labor Department said Thursday that initial jobless claims had fallen to 385,000 during the week ending July 31, in line with analysts’ expectations. Continuing claims, meanwhile, fell to a low of 2.93 million reports during a pandemic. Improving the labor market will remain on the agenda on Friday when the July jobs report is due out.
Employers are expected to have created 870,000 new non-farm jobs, up slightly from a larger than expected increase of 850,000 in June.
In stocks, automakers gained traction as President Biden touted plans to make half of all U.S. passenger vehicles sold by 2030 electric vehicles.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| DG | GENERAL ENGINE CO. | 54.44 | +1.72 | + 3.26% |
| F | FORD MOTOR CO. | 13.71 | +0.39 | + 2.93% |
| TSLA | TESLA, INC. | 714.63 | +3.71 | + 0.52% |
Meanwhile, Robinhood Markets Inc. fell more than 27% after it said in a filing that existing shareholders would sell up to 97.9 million shares over time. Shares of the trading app platform had jumped 87% in the previous two sessions.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS, INC. | 50.97 | -19.42 | -27.59% |
In terms of profits, Uber Inc.’s quarterly loss widened as the transit giant stepped up incentives to lure drivers back to work. The company said quarterly gross bookings hit an all-time high and food delivery orders rose as well.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES, INC. | 43.07 | +1.27 | + 3.04% |
Moderna Inc. reported profits and revenues above Wall Street estimates and said its COVID-19 vaccine was 93% effective within six months of receiving a second dose. CEO Stéphane Bancel told FOX Business that a booster for his vaccine could be available as early as September.
MODERNA CEO GIVES TIMETABLE FOR REMINDER VACCINE DRAW
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERN, INC. | 416.26 | -2.79 | -0.67% |
Electronic Arts Inc. said product launches and its over-the-air services fueled its stronger-than-expected quarterly results. The video game maker raised its outlook for the entire year and said its new Battlefield 2042 game will be released before the holidays.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHE | ELECTRONIC ARTS, INC. | 136.87 | -3.04 | -2.17% |
In commodities, West Texas Intermediate crude oil climbed 94 cents to $ 69.09 per barrel and gold fell 5.40 cents to $ 1,805.10 per ounce.
The overseas markets were mixed.
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Britain’s FTSE 100 fell 0.05% after the Bank of England kept policy unchanged and warned the UK economy would face inflation above the short-term target. Elsewhere in Europe, the German DAX 30 was up 0.33% and the French CAC 40 jumped 0.52%.
In Asia, Japan’s Nikkei 225 climbed 0.52% while Hong Kong’s Hang Seng index and China’s Shanghai Composite fell 0.31% and 0.84% respectively.
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