This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Market Today: Stock Futures Giving Back Gains on Knee-Jerk Reaction to Jobless Claims

NEW YORK (TheStreet) -- U.S. stock futures were giving back gains Thursday in a knee-jerk reaction to a weaker-than-expected reading on the U.S. job market.

Dow Jones Industrial Average (DIA) futures were up just 3 points, or 11.2 points above fair value, to 16,622. S&P 500 (SPY) futures were up less than 1 point, or 2.23 points above fair value, to 1,945. Nasdaq (QQQ) futures were up 2 points, or 1.7 points above fair value, to 3,947.3. Stocks finished sharply higher Thursday on improving optimism about the economy and easing geopolitical fears.

Weekly initial jobless claims rose by 21,000 to a higher-than-expected 311,000 last week, the Labor Department reported Thursday. But the longer-term four-week moving average increase very marginally to 295,750, still underscoring strengthening labor market conditions.

In London, the FTSE 100 was in positive territory, with the U.K. economy doing unexpectedly well this year. Frankfurt's DAX was also higher despite the fact that eurozone gross domestic product was stagnant in the last quarter. Markets have chosen to interpret the latest figures as a sign that interest rates will remain low for much longer than previously thought.

Must Read: August 14 Premarket Briefing: 10 Things You Should Know

Geopolitics calmed down further overnight as Russian President Vladimir Putin said he would do everything in his power to end the conflict in Ukraine. Meanwhile Israeli and Palestinian negotiators have agreed to a five-day extension of the truce in Gaza.

Stocks in focus Thursday include Cisco Systems (CSCO - Get Report), after the networking hardware company said it will cut 6,000 jobs due to uncertainty over emerging markets. The stock was down 1.47% to $24.83 in premarket trading.

Burger King (BKW) announced lower-calorie French fries last year to much fanfare, but less than a year later the "Satisfries" are being pulled from most menus in its 7,371 North American stores.

Barclays (BCS) may face up to $2 billion more fines and legal costs this year, said a research note from an analyst at Sanford C. Bernstein.

--By Andrea Tse in New York

Follow @AndreaTTse

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BKW $35.50 0.00%
BCS $15.36 -3.70%
CSCO $25.13 -2.90%
AAPL $107.72 -4.47%
FB $87.23 -2.46%

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs