Stock futures mixed as jobless claims fall, Disney earnings on tap
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Stocks were mixed early Thursday as traders digested better-than-expected initial jobless claims and prepare for additional earnings from some of the biggest companies in the S&P 500.
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Dow futures were lower by 250 points, a decline of 0.9%, and the S&P 500 was off 0.5%. However, the Nasdaq Composite, which bounced back on Wednesday following a two-day decline, was slightly higher.
|I:DJI||DOW JONES AVERAGES||29397.63||-23.29||-0.08%|
|I:COMP||NASDAQ COMPOSITE INDEX||11786.430896||+232.57||+2.01%|
NASDAQ, S&P BOUNCE BACK, DOW DRIFTS ON AMEX WEAKNESS
INITIAL CLAIMS, INFLATION DATA IN THE SPOTLIGHT
Initial jobless claims came in at 709,000, better than the 725,000 analysts were expecting. Continuing claims came in at 6.786 million, also better than the 6.9 million that was expected.
The consumer price index (CPI) for October showed a reading of 0% rise, compared to economists' expectations of a 0.2% rise. Excluding food and energy, the CPI, a closely watched measure of inflation, was also flat month-over-month.
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.
|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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In other commodities, gold rose slightly to $1,867 an ounce.
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%.
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