Investors celebrated a winning day on Wall Street as the S&P 500 and Nasdaq Composite closed in record territory as investors digested a fresh round of better-than-expected retail earnings and a drop in jobless claims.
The tech-heavy composite climbed 0.45% while the S&P 500 rose 0.34%, respectively.
|I:COMP||NASDAQ COMPOSITE INDEX||15993.71043||+72.14||+0.45%|
This after tech giants Apple, Microsoft, Google, and chipmaker Nvidia all closed in record territory.
The Dow Jones Industrial fell over 60 points or 0.17%.
|I:DJI||DOW JONES AVERAGES||35870.95||-60.10||-0.17%|
|CSCO||CISCO SYSTEMS, INC.||53.63||-3.13||-5.51%|
The router-networking giant was the biggest drag on the Dow after it forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs. It also said it expects second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4%.
Elsewhere, Macy’s and Kohl’s beat earnings estimates and boosted their outlooks as shoppers return and the holiday season lures in more customers. Both Petco and BJ’s Wholesale Club also topped estimates, with the former also raising its full-year outlook and the latter announcing a new stock buyback program worth up to $500 million. Children’s Place beat on its EPS estimate but missed on its revenue estimate.
|WOOF||PETCO HEALTH AND WELLNESS COMPANY INC.||21.45||-3.27||-13.23%|
|BJ||BJS WHSL CLUB HLDGS INC||71.93||+11.96||+19.94%|
|PLCE||THE CHILDREN’S PLACE, INC.||111.41||+6.86||+6.56%|
The afternoon will bring numbers from Ross Stores and Williams-Sonoma.
|ROST||ROSS STORES, INC.||119.52||+3.00||+2.57%|
Pfizer also reported it will sell the U.S. government its oral COVID-19 pill for $5.3 billion.
In deal news, Ford is teaming up with Globalfoundries to address the semiconductor shortage.
|F||FORD MOTOR CO.||19.56||-0.30||-1.51%|
“The companies have signed a non-binding agreement that opens the door for GF to create further semiconductor supply for Ford’s current vehicle lineup and joint research and development to address the growing demand for feature-rich chips to support the automotive industry” according to the announcement.
Thursday’s economic reports centered around jobs and manufacturing.
The Labor Department reported claims for unemployment benefits last week fell to 268,000 another pandemic low. Continuing claims, which track the total number of unemployed workers collecting benefits, slipped to 2.08 million.
At the same time the Philadelphia Federal Reserve’s index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware came in at 39. Any reading above zero means that more manufacturers say business conditions are improving rather than worsening.
In addition, the Conference Board’s Leading Economic index increased 0.9% in October, topping consensus estimates.
In energy trading, benchmark U.S. crude oil for December delivery rose 65 cents to $79.01 a barrel Thursday. Brent crude for January delivery rose 96 cents to $81.24 per barrel.
FOX Business’ Ken Martin and The Associated Press contributed to this report.