Dow Pivots Lower as Wall Street Awaits Jobs Data

A modest rise in weekly jobless claims left investors on edge

Digital Content Manager
Aug 4, 2022 at 4:34 PM
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Stocks were scattered on Thursday, as investors braced for tomorrow's nonfarm payrolls data, which will offer clues as to the state of the job market and overall economy. A small rise in weekly jobless claims kept Wall Street on edge, although the Nasdaq was able to eke out a modest win. Meanwhile, the Dow dropped 85 points, while the S&P 500 traded on both sides of the aisle before ultimately finishing marginally lower. Despite the choppy trading, Wall Street's Cboe Volatility Index (VIX) logged its second-straight loss.

Continue reading for more on today's market, including:

  • Lifted clinical hold sends pharma stock surging.
  • DraftKings stock is red-hot before earnings.
  • Plus, UAA blasted with bear notes; e-tail stock set to bounce; and unpacking Paramount's box office success.

The Dow Jones Average (DJI - 32726.82) shed 85.7 points, or 0.3% for the day. 3M (MMM) led the gainers, adding 3.2%. Walmart (WMT) paced the laggards, falling 3.8%.

The S&P 500 Index (SPX - 4,151.94) lost 3.2 points, or 0.1%. Meanwhile, the Nasdaq Composite (IXIC - 12,720.58) gained 52.4 points, or 0.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 21.44) shed 0.5 points, or 2.3% for the day. 

closing indexes aug 4

nyse and nasdaq aug 4

5 Things to Know Today

  1. Coinbase Global (COIN) surged after the crypto exchange name announced a partnership with asset manager BlackRock to allow clients to buy bitcoin. (CNBC)
  2. Electric vehicle (EV) name Rivian Automotive (RIVN) said planned revisions to the EV tax credit would put it at disadvantage to established competitors.(MarketWatch)
  3. Why analysts slammed Under Armour stock with bear notes.
  4. Bullish trendline could help this China-based e-tail stock surge.
  5. Box office sales offset Paramount's dwindling subscriber growth

Earnings August 4 2022

 uvol aug 4

Gold Prices Move Higher as U.S. Dollar Weakens

Oil prices moved lower on Thursday to settle below the psychologically-significant $90 level for the first time since February. Weighing on black gold was the risk of an economic slowdown, which would hurt demand. September-dated crude dropped $2.12, or 2.3%, to settle at $88.54 per barrel. 

Meanwhile, gold prices settled at their highest level in one month, toppling the $1,800 level. A weaker U.S. dollar and retreating Treasury yields gave the commodity a boost, as traders continued to weigh the likelihood of a recession. December-dated gold rose $30.50, or 1.7%, to close at $1,806.90 an ounce.

 

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