Unemployed Leap in a Hiring Setback
The recruitment market, already historically tight, may face a setback.
AT&T one of the weakest stocks in the S&P
If AT&T shares fall more than 10.08%, that would be the largest percentage drop since July 2002, as followed by Dow Jones Market Data Group.
While the company has added more than 800,000 postpaid subscribers, cash flow is declining.
“We are also lowering our full year Free Cash Flow guidance to $14 billion due to heavy investment in growth and the impact of working capital related to the timing of collections,” the company said.
Tesla helps Nasdaq, Dow, S&P fall
US stocks struggled on Thursday as investors bagged a basket of mixed gains following strong results from Tesla and a weaker report from AT&T. In addition, unemployment claims rose by 7,000 to 251,000.
In commodities, oil fell as low as $89 a barrel, falling for a second straight session, as demand concerns outweighed tight global supply.
United States Oil Fund L P.
Traders are also reacting to a surprising half-point rate hike by the European Central Bank, the largest in 11 years.
Companies on deck for earnings after the bell include Boston Beer, Capital One Financial, Mattel, Snap and Tenet Healthcare.
Investors will also be processing the Conference Board’s leading economic indicators index, the Philadelphia Federal Reserve’s manufacturing index, and the latest ongoing and initial unemployment claims.
Tesla has made a big bitcoin move
Elon Musk’s Tesla delivered its quarter and also unveiled a strategic move it was making with its bitcoin holdings.
Nord Stream 1 pipeline from Russia to Europe starts flowing again
Nord Stream 1, a major pipeline from Russia to Europe, started flowing again after being shut down for 10 days for maintenance.
Operator Nord Stream AG said natural gas started flowing back into Germany on Thursday morning, but the gas flow is not expected to reach full capacity.
Oil drops 3% on demand concerns
Oil prices fell for a second consecutive session on Thursday as demand concerns outweighed tight global supply. US West Texas Intermediate crude futures traded around $96.00 a barrel after dropping 1.9% on Wednesday.
Brent oil futures traded around $104.00 a barrel after falling 0.4% in the previous session.
Oil prices have been volatile as traders have had to curb a tighter global supply amid Russian barrel losses following the country’s invasion of Ukraine, with concerns about a recession that could weaken energy demand, Reuters said.
A major pipeline from Russia to Europe that supplies natural gas has resumed flowing after a 10-day shutdown for maintenance.
US gasoline inventories rose 3.5 million barrels last week, government data showed on Wednesday, far ahead of analysts’ predictions in a Reuters poll for a 71,000 barrel increase.
Gasoline continues to trade lower
The average price of a gallon of regular gasoline dropped to $4.40 Thursday morning, according to AAA. The price on Wednesday was $4,467. Gas has been on the decline since it hit a high of $5,016 on June 14. Diesel also fell to $5,476, from $5,497.
Cryptocurrencies Trade Lower Thursday Morning
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower Thursday morning.
Bitcoin traded around $22,000 after a two-day winning streak. For the month, the cryptocurrency is up more than 24%.
Ethereum was trading around $1,400. In the past week, Ethereum traded higher by more than 37%.
Dogecoin traded at 6 cents.
Tesla announced during its earnings report that it had converted 75% of its bitcoin investment to government currency during the quarter.