Stocks fluctuate as unemployment claims rise, profits flow in

US stocks were mixed at the open on Thursday as investors streamed another streak of gains and were studying economic data that showed a rise in weekly jobless claims.

The S&P 500 was down 0.2%, while the Dow Jones Industrial Average was down 0.3%. The tech-heavy Nasdaq was mixed, up about 0.2%.

The movement in the markets on Thursday was happening away from the major stock indices as the price of West Texas Intermediate crude fell below $90 a barrel for the first time since early February and Coinbase (Currency) Stocks up by up to 40%.

Coinbase stock They were on the move on Thursday After the company announced that it has entered into a partnership with BlackRock (BLK) to expand access to crypto markets for institutional investors.

Shares of Coinbase, which closed at a record low of $47.02 on June 30, traded as high as $115 early Thursday. About 30 minutes into the trading session, Coinbase shares were trading at less than $100.

Elsewhere in the single-name moves, Chinese conglomerate AMTD IDEA Group (AMTD(Down by 27% and its subsidiary AMTD Digital)HKD) by 18% in early trading.

AMTD Digital became a magnet for investors this week as the company’s market capitalization crossed over $400 billion at one time. in Statement early Tuesdaythe company said that it experienced “significant volatility in the price of our ADS and also noted some very active trading volume. To our knowledge, there are no material circumstances, events or other matters relating to our company’s activities and operating activities since the date of the IPO.”

The company’s statement was called a “thank you note” to investors.

In economic news, first-time filings for US unemployment insurance rose to 260,000 for the week ending July 30, an increase of 6,000 from the previous week’s reading, the Labor Department said Thursday. The number was on par with economists’ estimates from Bloomberg.

Investors are looking forward to the key monthly jobs report for July on Friday. Economists expect the broader employment report to show that 250,000 new jobs were created last month, a marked decrease from the 372,000 jobs added in June.

Thursday’s moves follow A major day on Wall Street Wednesday which saw the S&P 500 rise 1.6%, lifting the benchmark 13% above its June 16 lows – its biggest bounce of the year. Meanwhile, the VIX – a measure of Wall Street’s volatility – fell to 22, its second lowest close since mid-April.

NEW YORK, NY - JULY 25: People walk outside the New York Stock Exchange (NYSE) on July 25, 2022 in New York City.  Stocks are slightly higher in morning trading as investors weigh the upcoming Federal Reserve meeting next Wednesday.  (Photo by Spencer Platt/Getty Images)

NEW YORK, NY – JULY 25: People walk outside the New York Stock Exchange (NYSE) on July 25, 2022 in New York City. Stocks are slightly higher in morning trading as investors weigh the upcoming Federal Reserve meeting next Wednesday. (Photo by Spencer Platt/Getty Images)

“We’re clearly doing a better job than previous ‘dead cat bounces’, although closings below 20 for Vix over the next two months may indicate ‘market over-compatibility’ with the investment environment in the region,” DataTrek’s Nicholas Colas said in a note. Stock that is still uncertain.

“Because we are pleased that US stocks are moving up more persuasively than the pre-2022 highs, we think it makes sense to stay at the same level on risk trade-offs and come back to have a clearer picture of inflation and future Fed monetary policy,” Colas said.

In terms of profits, the Chinese e-commerce giant Alibaba Group (Baba) reported first-quarter fiscal results on Thursday, which beat Wall Street estimates. Shares jumped more than 5% early Thursday.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter Tweet embed

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