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CNBC: US stocks trade mixed Wall Street eyes earnings and data
 
U.S. stocks were mixed Thursday as Wall Street kept an eye on corporate earnings and economic data after record highs for the Dow and S&P this week.

The Dow Jones industrial average fell slightly as Intel and Home Depot weighed, and Caterpillar added the most positive impact. The S&P 500 was also down fractionally, as technology and health care were the only two sectors in the green. The Nasdaq composite rose roughly two points.

The number of Americans filing for unemployment benefits fell to a three-month low last week, in a sign that the labor market is stabilizing.

"This is the first indication that job growth in July was also pretty good," said David Kelly, chief global strategist at J.P. Morgan Asset Management. "The economic narrative remains the same; the economy isn't growing fast but it's growing fast enough to cause the labor market to tighten."
Initial claims for state unemployment benefits fell by 1,000 to a seasonally adjusted 253,000, the Labor Department said Thursday. Economists polled by Reuters expected claims to rise to 265,000.
Claims are near a 43-year low, hit in mid-April, Reuters reported.
"The better jobs number was a fundamental catalyst when you look at what happened in the market after," said Liz Ann Sonders, chief investment strategist and senior vice president at Charles Schwab. "This market rally had more to do with economic sentiment than anything."

Equity markets hit record highs this week. The Dow Jones industrial average extended gains Wednesday for nine consecutive days for the first time since 2013.The S&P 500 closed at a new record level, led by technology which had its best day in 16 years. The Nasdaq composite had its highest close of the year.

General Motors reported a record second-quarter profit Thursday that beat Wall Street expectations, sending shares up more than 6 percent in premarket trading. Intel beat analysts' expectations for earnings on Wednesday, but revenues came in slightly lower than expected. Fellow chipmaker Qualcomm beat Wall Street expectations and issued a strong forward guidance.

Bank results continued to surprise this week, with Morgan Stanley reporting earnings of 75 cents per share versus consensus expectations of 59 cents, according to Thomson Reuters. Morgan Stanley joinedGoldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts.
"These numbers are confirming the earning bounce back we were expecting, given flat oil prices and a flat U.S. dollar," J.P. Morgan's Kelly said. "What we're getting is confirmation that the economy is still growing steadily and earnings are rebounding."

European stocks were flat as the ECB left rates unchanged. The U.K.'s central bank left its benchmark refinancing rate at 0 percent and its interest rate on deposit facility at -0.40 percent. The non-move was widely expected but further policy stimulus from global central banks is thought to be coming in the months after a Brexit vote.

The pan-European STOXX 600 was 0.30 percent lower. European companies also report earnings this week. European travel stocks went lower, led by Lufthansa, which cut its full-year profit target as bookings declined due to terrorist attacks and economic uncertainty, the company said. Shares of the airline fell 8 percent after the news.
The German DAX was roughly 4 points lower and France's CAC fell 0.35 percent. Meanwhile, the FTSE 100 gained half a percent.

Then yen hit new lows after news that Tokyo was considering a 20 trillion package of stimulus to bolster the economy. It later recovered 1 percent as Bank of Japan Governor Haruhiko Kuroda told BBC radio that there is no need for "helicopter money" to fight inflation, and the central bank already had mechanisms in place to ease further if needed.

Although the interview was published Thursday, BBC said the it was recorded in June. The yen gained 1 percent against the dollar after Kuroda's comments, trading near 106.25 yen.

The dollar was weaker against a basket of currencies after hitting four-month highs Wednesday.

The Euro hit a high of $1.1058 against the dollar before losing most of the gains in choppy trade. The euro traded near $1.10, while the British pound fell to $1.32.

"The market can handle a little strength in the dollar but not if it starts to impact other areas that cause financial conditions to tighten," said Sonders of Charlies Schwab. "We've been in this policy loop at the heart of it is what the dollar is doing."

Oil was slightly lower, with WTI trading near $45.60 after hitting a two-month intraday low a day earlier. Brent crude futures were just below $47.

Grains traded higher amid a heat wave in the U.S. Corn futures rose a quarter of a percent and wheat was up half a percent.

Yields on U.S. sovereign bonds were higher, after increased expectations of a rate hike. The U.S. 2-year note rose to yield 0.72 percent. The 10-year yield increased to 1.60 percent, while the U.S. 30-year note yielded 2.32 percent.

Gold was up slightly after hitting its lowest intraday level since June 28 a day earlier. The precious metal traded at $1,319 per ounce.
U.S. stocks were mixed Thursday as Wall Street kept an eye on corporate earnings and economic data after record highs for the Dow and S&P this week.

The Dow Jones industrial average fell slightly as Intel and Home Depot weighed, and Caterpillar added the most positive impact. The S&P 500 was also down fractionally, as technology and health care were the only two sectors in the green. The Nasdaq composite rose roughly two points.

The number of Americans filing for unemployment benefits fell to a three-month low last week, in a sign that the labor market is stabilizing.

"This is the first indication that job growth in July was also pretty good," said David Kelly, chief global strategist at J.P. Morgan Asset Management. "The economic narrative remains the same; the economy isn't growing fast but it's growing fast enough to cause the labor market to tighten."
Initial claims for state unemployment benefits fell by 1,000 to a seasonally adjusted 253,000, the Labor Department said Thursday. Economists polled by Reuters expected claims to rise to 265,000.
Claims are near a 43-year low, hit in mid-April, Reuters reported.
"The better jobs number was a fundamental catalyst when you look at what happened in the market after," said Liz Ann Sonders, chief investment strategist and senior vice president at Charles Schwab. "This market rally had more to do with economic sentiment than anything."

Equity markets hit record highs this week. The Dow Jones industrial average extended gains Wednesday for nine consecutive days for the first time since 2013.The S&P 500 closed at a new record level, led by technology which had its best day in 16 years. The Nasdaq composite had its highest close of the year.

General Motors reported a record second-quarter profit Thursday that beat Wall Street expectations, sending shares up more than 6 percent in premarket trading. Intel beat analysts' expectations for earnings on Wednesday, but revenues came in slightly lower than expected. Fellow chipmaker Qualcomm beat Wall Street expectations and issued a strong forward guidance.

Bank results continued to surprise this week, with Morgan Stanley reporting earnings of 75 cents per share versus consensus expectations of 59 cents, according to Thomson Reuters. Morgan Stanley joinedGoldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts.
"These numbers are confirming the earning bounce back we were expecting, given flat oil prices and a flat U.S. dollar," J.P. Morgan's Kelly said. "What we're getting is confirmation that the economy is still growing steadily and earnings are rebounding."

European stocks were flat as the ECB left rates unchanged. The U.K.'s central bank left its benchmark refinancing rate at 0 percent and its interest rate on deposit facility at -0.40 percent. The non-move was widely expected but further policy stimulus from global central banks is thought to be coming in the months after a Brexit vote.

The pan-European STOXX 600 was 0.30 percent lower. European companies also report earnings this week. European travel stocks went lower, led by Lufthansa, which cut its full-year profit target as bookings declined due to terrorist attacks and economic uncertainty, the company said. Shares of the airline fell 8 percent after the news.
The German DAX was roughly 4 points lower and France's CAC fell 0.35 percent. Meanwhile, the FTSE 100 gained half a percent.

Then yen hit new lows after news that Tokyo was considering a 20 trillion package of stimulus to bolster the economy. It later recovered 1 percent as Bank of Japan Governor Haruhiko Kuroda told BBC radio that there is no need for "helicopter money" to fight inflation, and the central bank already had mechanisms in place to ease further if needed.

Although the interview was published Thursday, BBC said the it was recorded in June. The yen gained 1 percent against the dollar after Kuroda's comments, trading near 106.25 yen.

The dollar was weaker against a basket of currencies after hitting four-month highs Wednesday.

The Euro hit a high of $1.1058 against the dollar before losing most of the gains in choppy trade. The euro traded near $1.10, while the British pound fell to $1.32.

"The market can handle a little strength in the dollar but not if it starts to impact other areas that cause financial conditions to tighten," said Sonders of Charlies Schwab. "We've been in this policy loop at the heart of it is what the dollar is doing."

Oil was slightly lower, with WTI trading near $45.60 after hitting a two-month intraday low a day earlier. Brent crude futures were just below $47.

Grains traded higher amid a heat wave in the U.S. Corn futures rose a quarter of a percent and wheat was up half a percent.

Yields on U.S. sovereign bonds were higher, after increased expectations of a rate hike. The U.S. 2-year note rose to yield 0.72 percent. The 10-year yield increased to 1.60 percent, while the U.S. 30-year note yielded 2.32 percent.

Gold was up slightly after hitting its lowest intraday level since June 28 a day earlier. The precious metal traded at $1,319 per ounce.

Source