Dow slips as investors await Friday’s jobs report

Dow, S&P 500 slip open

The Dow Jones Industrial Average and the S&P 500 opened lower Thursday as investors waited for weekly jobless claims to be printed on Friday due to July payrolls. The Nasdaq composite rose slightly as investors rushed back into beaten-down tech stocks.

Carmen Reinicke

US oil falls below $90

West Texas Intermediate crude futures, the US oil benchmark, fell below $90 a barrel on Thursday, its lowest level since February. Jupiter’s decline creates recent weakness for oil as recession fears weigh.

WTI last traded at $89.68 a barrel, down 1%. International standard Brent is crude A barrel fell 1.3% to $95.53.

“A disappointing summer driving season in the U.S. and China has gripped the oil market amid growth concerns,” Bart Melek, head of commodity strategy at TD Securities, said in a note Thursday.

“[T]”The oil market should see more solid support because the highest supply risk is in the premia market as the world eats up what’s left of its spare capacity,” he said.

Coinbase Rises in BlackRock Partnership

People watch as the logo for Coinbase Global Inc, the largest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite Jumbotron in Times Square in New York, U.S., on April 14, 2021.

Shannon Stapleton | Reuters

Shares of Coinbase surged more than 10% in premarket trading Thursday after BlackRock announced it was partnering with the cryptocurrency exchange to offer crypto trading to top clients.

Blackrock said the partnership will initially focus on bitcoin. BlackRock is the world’s largest asset manager.

Carmen Reinicke

Weekly jobless claims rose slightly to 260,000

Weekly jobless claims rose by 6,000 to 260,000 in the week ended July 30, the Labor Department reported.

Stock futures were mostly flat after the report. Investors will now wait for Friday’s scheduled non-June earnings report.

Carmen Reinicke

Tesla rises ahead of potential stock split approval

Tesla cars line up to wait for an open charging pack in Nephi, Utah on July 17, 2022. With more electric cars on the road, the lack of charging infrastructure is becoming a problem for EV owners.

George Frey | Good pictures

Sunrun pops after earning

Shares the sun It added more than 5% in premarket trading Thursday following the company’s second-quarter results.

The residential solar installer reported revenue of $584.6 million for the three-month period. Analysts surveyed by StreetAccount expected revenue of $501.5 million.

Sunrun saw its total customer base grow 21% year-on-year to 724,177.

Eli Lilly, Paramount and restaurant brands move in earnings releases

Several companies reported quarterly earnings on Thursday before the hour.

Rat Lily Missed estimates and was cut by nearly 4%. Paramount GlobeDespite reporting better-than-expected results, I fell by about 4%. Restaurant brands Revenue was up about 1% on record.

Here’s what the other stocks are Made moves in premarket trading.

Carmen Reinicke

Alibaba Jumps After Earnings

Signage for Alibaba Group Holding Ltd covers the front facade of the New York Stock Exchange on November 11, 2015.

Brendan McDermidt | Reuters

Shares of Alibaba rose as much as 7% in premarket trading after the company reported earnings that beat Wall Street’s expectations.

Although the report was ahead of estimates, it marked the first quarterly release in which Alibaba showed flat growth. The company faced several setbacks during the quarter due to Covid and the global economy.

Carmen Reinicke

The Bank of England has announced its highest interest rate hike in 27 years

Bank of England on Thursday Raised interest rates by half a percentage point, It was the sixth consecutive increase in the rate and the first pump since 1997 in an effort to curb inflation.

There is also inflation in the UK Highest in 40 years, and is poised to keep going up. The bank now expects headline inflation to be around 13% in October, meaning its rate hikes will continue.

Carmen Reinicke

Another leg is coming down on stocks, Bernstein says

Bernstein strategists, led by Sarah McCarthy, said they expect the market to drop another leg in the short term.

“While long-term sentiment indicators are sufficient to take a positive view on stocks with a 12-month horizon, in the short-term, we think the market could be another leg down as earnings are at the beginning of the cycle, and we are yet to see meaningful exits from equity funds,” they said in a note to clients on Thursday. said in the note.

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The comments come as the market has enjoyed a sharp rebound since mid-June. Since then, the S&P 500 has risen 14.25%.

Stock futures were little changed after Wednesday’s monster rally

Traders work on the floor of the New York Stock Exchange (NYSE) on August 3, 2022 in New York.

Andrew Kelly | Reuters

U.S. stock futures pointed to a muted dip on Thursday as the market took a breather following a rally in the previous session. Futures for the S&P 500 and Nasdaq 100 futures, combined with the Dow Jones industrial average, rose less than 0.1%.

Fred Imbert

European markets froze; UK big bank hike expected

European stocks were muted on Thursday as uncertainty returned following the previous session’s gains.

Pan-European Stoxx 600 It was up 0.2% in the morning. Retail stocks rose 2.2%, while telecoms fell 0.5%.

of England FTSE Pulled forward Bank of EnglandMonetary policy decision later on Thursday. The central bank is widely expected Raised interest rates by 50 basis pointsIts biggest single increase since 1995.

Alibaba’s Hong Kong shares rose 4% on earnings

Ali Baba The market is set to report first-quarter earnings before the start of the fiscal year and analysts expect the Chinese e-commerce giant to It posted its first revenue decline.

Alibaba reported revenue of 203.19 billion yuan ($30 billion) in the June quarter, down 1.2% from a year ago, according to consensus estimates from Refinitiv.

Alibaba has been reeling from a tough regulatory environment in China to the resurgence of Covid in the world’s second-largest economy, leading to lockdowns in major cities. Those factors will hit the Chinese economy, reduce advertising budgets and consumer spending, and affect Alibaba’s June quarter results.

However, analysts expect the company to return to growth in the coming quarters. Alibaba’s Hong Kong-listed shares were up 4% on earnings.

– Arjun Karpal

Jim Cramer says the charts point to a rally in gold

One kilogram gold bars are pictured at gold and silver refiner and bar manufacturer Argor-Heraeus’ plant in Mendrisio, Switzerland, on July 13, 2022.

Denis Polybous | Reuters

CNBC’s Jim Cramer said Now is a good time to buy gold According to analysis by commodity trader Larry Williams, the signs point to a rally.

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The “Crazy money“The host explained Williams’ analysis by looking at gold’s weekly action since 2014 and data on small speculators’ positions on gold from the Commodity Futures Trading Commission’s Traders’ Commitments Report.

According to Williams, gold prices typically peak when small speculators are bullish on the precious metal, and bottom out when small speculators are too bullish.

“Charts illustrated by the legendary Larry Williams suggest that the public is giving up on gold in droves, and he thinks this is the perfect entry time to make some purchases,” Cramer said.

– Abigail Ng, Crystal Hur

Here’s how to invest for yield to beat a bad year for stocks and bonds — according to the pros

Stocks are volatile, and bonds have underperformed for most of the year, with US investment-grade bonds falling in 2022.

But analysts have recently been bullish on income investing as yields begin to rise again.

Here are some positive ways investors can diversify their portfolios and hedge against market volatility and earn higher yields as inflation continues to rise. Pro subscribers can read the story here.

– Weissen Don

Fortinet shares fell

Fortinet shares fell more than 9% in extended trading after the cybersecurity company reported its quarterly results that included free cash flow of $283.5 million, compared with FactSet estimates of $337.2 million. Services revenue also missed estimates.

Other cybersecurity stocks also fell after hours. CrowdStrike fell 1% and Palo Alto Networks lost more than 1%.

– Tanaya Machil

Walmart begins layoffs a week after its profit warning

Walmart has it The company started laying off employees A week after the retail company It cut its profit outlook and warned of a slowdown in consumer discretionary spending due to inflation. In a statement to CNBC, the company described the layoffs as a way to “better position the company for a strong future.” Shares were down less than 1% after hours.

– Tanaya Machil

Lucid shares fell nearly 12%

Clear air

Credit: Lucid Motors

Shares of the electric luxury vehicle maker A clear group After the company fell 11.7% in extended trading It lowered its full-year production targets 6,000 for the second time. The original forecast was 20,000. The company also reported a quarterly loss of 33 cents per share.

– Tanaya Machil

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