US open: Major indices trade lower as jobless claims hit three-month high

(Sharecast News) - Wall Street stocks were in the red early on Thursday after recording solid gains in the previous session. As of 1540 GMT, the Dow Jones Industrial Average was down 0.30% at 34,887.82, while the S&P 500 slipped 0.10% to 4,498.27 and the Nasdaq Composite came out the gate 0.18% weaker at 14,078.72.

The Dow opened 103.39 points lower on Thursday, taking a bite out of gains recorded in the previous session after producer prices turned in their biggest monthly decline since April 2020 last month.

Wednesday's producer price data came just 24 hours after another report revealed October's consumer price index had remained flat month-on-month, leaving traders hopeful that the Federal Reserve may very well have seen enough to put the kibosh on its interest rate hiking campaign.

Turning towards Thursday's macro news, Americans filed unemployment claims at an accelerated clip in the week ended 11 November, hitting their highest level in almost three months . Initial unemployment claims rose by 13,000 to hit 231,000, according to the Labor Department, coming in well ahead of expectations for a reading of 220,000.

Elsewhere, manufacturing activity in the Philadelphia region contracted again in November but by less than expected, according to the Philadelphia Federal Reserve. The current general activity index, which surveys around 250 manufacturers in the district each month, increased by 3.1 points but stayed in negative territory at -5.9. Analysts were expecting an unchanged reading from October's -9, which was up from -13.5 in September.

As far as corporate news was concerned, shares in Walmart were in the red on Thursday after the big-box retail giant provided a less optimistic outlook for 2023 than market consensus despite exceeding profit and sales expectations in the third quarter, while American department store chain Macy's topped Wall Street expectations for its third-quarter results, primarily driven by inventory management and improved margins.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $42.29 4.14% Travelers Company Inc. (TRV) $172.61 1.81% McDonald's Corp. (MCD) $274.54 1.53% Microsoft Corp. (MSFT) $374.58 1.33% Unitedhealth Group Inc. (UNH) $543.65 0.97% Apple Inc. (AAPL) $189.83 0.97% Salesforce.Com Inc. (CRM) $221.30 0.86% Verizon Communications Inc. (VZ) $36.31 0.85% JP Morgan Chase & Co. (JPM) $150.51 0.51% Procter & Gamble Co. (PG) $152.12 0.46%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $46.81 -12.13% Walmart Inc. (WMT) $158.44 -6.68% Chevron Corp. (CVX) $141.64 -2.69% Walgreens Boots Alliance, Inc. (WBA) $21.08 -2.20% 3M Co. (MMM) $95.36 -1.51% Boeing Co. (BA) $205.77 -1.41% Caterpillar Inc. (CAT) $247.76 -1.32% Dow Chemical Co. (DOW) $50.96 -1.11% Amgen Inc. (AMGN) $270.17 -1.05% Home Depot Inc. (HD) $305.43 -0.90%

S&P 500 - Risers

Macy's Inc. (M) $13.51 7.14% Intel Corp. (INTC) $42.29 4.14% Humana Inc. (HUM) $519.69 2.55% Allstate Corp (The) (ALL) $134.17 1.98% VeriSign Inc. (VRSN) $210.57 1.95% Intuitive Surgical Inc. (ISRG) $298.83 1.91% Cardinal Health Inc. (CAH) $103.67 1.84% Travelers Company Inc. (TRV) $172.61 1.81% Marsh & McLennan Companies Inc. (MMC) $199.01 1.81% Chubb Corp. (CB) $222.01 1.74%

S&P 500 - Fallers

Cisco Systems Inc. (CSCO) $46.81 -12.13% Walmart Inc. (WMT) $158.44 -6.68% CenturyLink Inc. (LUMN) $1.29 -6.16% Advance Auto Parts (AAP) $52.26 -6.13% Hanesbrands Inc. (HBI) $4.14 -5.26% Bath & Body Works, Inc. (BBWI) $30.83 -5.14% Albemarle Corp. (ALB) $121.28 -5.04% Dollar Tree Inc (DLTR) $113.00 -4.82% VF Corp. (VFC) $16.95 -4.61% Helmerich & Payne Inc. (HP) $37.15 -4.60%

Nasdaq 100 - Risers

Intel Corp. (INTC) $42.29 4.14% Intuitive Surgical Inc. (ISRG) $298.83 1.91% Align Technology Inc. (ALGN) $208.09 1.48% DENTSPLY Sirona Inc. (XRAY) $29.75 1.47% Henry Schein Inc. (HSIC) $68.53 1.39% Alphabet Inc. Class A (GOOGL) $136.49 1.39% Microsoft Corp. (MSFT) $374.58 1.33% Alphabet Inc. Class C (GOOG) $138.18 1.32% Idexx Laboratories Inc. (IDXX) $466.05 1.19% Gen Digital Inc. (GEN) $19.99 1.16%

Nasdaq 100 - Fallers

Cisco Systems Inc. (CSCO) $46.81 -12.13% Dollar Tree Inc (DLTR) $113.00 -4.82% Dish Network Corp. (DISH) $3.34 -3.47% Sirius XM Holdings Inc (SIRI) $5.03 -3.08% Baidu Inc. (BIDU) $109.43 -3.02% Hasbro Inc (HAS) $45.47 -2.90% Costco Wholesale Corp. (COST) $580.36 -2.75% Paypal Holdings Inc (PYPL) $56.69 -2.67% JD.com, Inc. (JD) $27.84 -2.62% Tesla Inc (TSLA) $236.60 -2.57%