Stocks slide as jobless claims rise, Airbnb IPO on tap - Fox Business

ponjotor.blogspot.com

New Constructs CEO David Trainer and EquityZen co-founder Phil Haslett share their analysis ahead of DoorDash and Airbnb going public.

U.S. equity markets recouped some of the morning losses following a rise in weekly jobless claims and as investors awaited the potential approval of a COVID-19 vaccine and the biggest initial public offering of the year.

Continue Reading Below

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	30008.64	-60.17	-0.20%
SP500	S&P 500	3671.84	-0.98	-0.03%
I:COMP	NASDAQ COMPOSITE INDEX	12400.039392	+61.09	+0.50%

The Dow Jones Industrial Average was down 60 points or 0.2%, while the S&P 500 was little changed and the Nasdaq Composite marched higher up 0.52%.

The choppy trading comes as the major averages slid off record highs on Wednesday as House Speaker Nancy Pelosi rejected the Trump administration’s COVID-19 stimulus proposal and as selling in momentum stocks took hold after DoorDash’s strong debut.

U.S. jobless claims climbed by 853,000, more than the 725,000 estimate. Continuing claims, meanwhile, rose to 5.757 million, increasing for the first time in 11 weeks.

Ticker	Security	Last	Change	Change %
PFE	PFIZER INC.	41.96	+0.08	+0.19%
BNTX	BIONTECH SE	126.39	+3.58	+2.91%

In vaccine news, a Food and Drug Administration panel is set to vote on recommending the approval of the Pfizer/BioNTech COVID-19 immunization for emergency use authorization. Distribution of the vaccine is expected to begin within 24 hours of approval.

AIRBNB IPO READY FOR STRONG DEBUT

Elsewhere, travel accommodations booking website Airbnb Inc. is set to become the biggest IPO of 2020 after pricing shares at $68 apiece, above the $56 to $60 range that was expected. The offering, which is expected to raise $3.7 billion, values the company at $47 billion on a diluted basis.

Meanwhile, DoorDash Inc. opened lower a day after its blockbuster debut. Shares closed at $189.51 apiece on Wednesday and at $102 the evening prior.

Ticker	Security	Last	Change	Change %
DASH	DOORDASH INC.	176.71	-10.49	-5.60%

Facebook Inc. shares were on track for a second day of losses after the Federal Trade Commission and 48 U.S. states sued the social-media company alleging anticompetitive business practices.

Ticker	Security	Last	Change	Change %
FB	FACEBOOK INC.	276.20	-1.72	-0.62%

Starbucks Corp. reaffirmed its fiscal year 2021 guidance and longer-term growth forecasts, which include adjusted earnings growth of at least 20% in 2022.

Ticker	Security	Last	Change	Change %
SBUX	STARBUCKS CORPORATION	104.50	+4.10	+4.08%

Costco Wholesale Corp., Lululemon Athletica Inc. and Oracle Corp. are set to report their quarterly results after markets close.

Ticker	Security	Last	Change	Change %
COST	COSTCO WHOLESALE CORPORATION	373.46	-0.83	-0.22%
LULU	LULULEMON ATHLETICA INC.	366.60	+3.04	+0.84%
ORCL	ORACLE CORPORATION	59.09	-0.67	-1.12%

Looking at commodities, West Texas Intermediate crude oil climbed 92 cents to $46.44 per barrel and gold added $6.90 to $1,845.40 per ounce.

CLICK HERE TO READ MORE STORIES ON FOX BUSINESS

European markets were down after the European Central Bank announced plans to increase its bond-buying program by $500 billion euros to $1.85 trillion. Germany's DAX was trading lower by 0.89% while France’s CAC 40 slid 0.5% and Britain’s FTSE 100 was off 0.01%.

ECB INJECTS MORE STIMULUS INTO ECONOMY

In Asia, China’s Shanghai Composite index ticked up 0.04%, Japan’s Nikkei 225 slipped 0.23% and Hong Kong’s Hang Seng index lost 0.35%.

Let's block ads! (Why?)

Business - Latest - Google News
December 10, 2020 at 09:52PM
https://ift.tt/3oFgZr1

Stocks slide as jobless claims rise, Airbnb IPO on tap - Fox Business
Business - Latest - Google News
https://ift.tt/2Rx7A4Y


Bagikan Berita Ini