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Stock Market Today - 1/13: Stocks End Lower as Tech Weighs Down Markets

Stocks end down as tech shares continue to slide and jobless claims inched up.
  • Stocks finish down as markets switch focus from inflation to earnings following December inflation data.
  • S&P 500 profits are forecast to rise 22.4% from last year to $431.8 billion in the fourth quarter; JPMorgan, Citigroup and Wells Fargo report Friday.
  • Boeing stock surges after Bloomberg reports its 737 MAX will return to service in China later this month.
  • Intel, Nvidia and AMD see gains after Taiwan Semi forecasts "multi-year industry megatrend".

Updated At 4:18 pm Eastern Time

Stocks finished lower Thursday as tech stocks lost ground and jobless claims rose.

The Dow Jones Industrial Average ended down 176 points, or 0.49%, to 36,11, while the S&P 500 lost 1.42% and the tech-heavy Nasdaq dropped 2.5%.

The Supreme Court on Thursday blocked President Joe Biden's vaccine or testing mandates for large businesses, but allowed a vaccine mandate for certain health care workers to go into effect nationwide.

Ford  (F) - Get Ford Motor Company Report shares rose 2.3% following a price target boost from Deutsche Bank and reports that production of Tesla's  (TSLA) - Get Tesla Inc Report new Cybertruck could be delayed until next year.

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Airline stocks, such as American Airlines  (AAL) - Get American Airlines Group, Inc. Report and United Airlines  (UAL) - Get United Airlines Holdings, Inc. Report, ended higher after Delta Air Lines  (DAL) - Get Delta Air Lines, Inc. Report posted stronger-than-expected fourth quarter earnings but noted that the recent surge in Omicron infections would delay its recovery momentum over the coming months.

Meanwhile Boeing  (BA) - Get Boeing Company Report, the Dow's heavyweight, will reportedly bring its 737 MAX jet back into service in China later this month. Shares finished up nearly 3%.

In the tech sector, Intel  (INTC) - Get Intel Corporation Report, Nvidia  (NVDA) - Get NVIDIA Corporation Report and Advanced Micro Devices  (AMD) - Get Advanced Micro Devices, Inc. Report finished lower amid the tech sector sell-off even after Taiwan Semiconductor  (TSM) - Get Taiwan Semiconductor Manufacturing Co. Ltd. Report the world's biggest contract chipmaker and a lead supplier for Apple  (AAPL) - Get Apple Inc. Report iPhones, posted record quarterly profits and forecast a record boost in capital spending to meet the surge in global semiconductor demand.

Initial jobless claims for the week ending Jan. 8 came in at 230,000, above the 200,000 projected by economists polled by Dow Jones forecast.

Global oil prices eased as the U.S. dollar moved higher, offsetting an Energy Department report from Wednesday that said domestic crude stockpiles fell by 4.6 million barrels last week, nearly triple the consensus forecast, while inventories at the key Cushing, Okla., delivery hub fell by 300,000 barrels.

WTI futures contracts for February delivery, which are tightly-linked to domestic gasoline prices, were $1.16 lower at $81.48 per barrel.

Brent contracts for March, the global pricing benchmark, fell 81 cents to trade at $83.86 per barrel.

In overseas trading Europe's region-wide Stoxx 600 was marked 0.01% lower while the MSCI Asia ex-Japan index gained 0.14% by the close of trading.