Stocks Point Lower Thursday on Higher Jobless Claims

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Stocks dropped Thursday morning in response to unemployment claims that ticked higher for the first time in four months.

The Dow Jones Industrial Average fell 46 points, or 0.17%, to 26,959, the S&P 500 was down 0.08% and the Nasdaq declined 0.29%.

Markets digested earnings from airline companies, including Southwest and American Airlines, as well as AT&T. 

AT&T posted stronger than expected earnings, though it encountered a notable slump in revenue from its WarnerMedia division as the coronavirus pandemic continues to impact the entertainment industry. 

Amazon is also expected to report earnings after the bell Thursday. 

Investor sentiment has been mixed lately, as the markets eye the possibility of increased lockdowns due to the spike in coronavirus cases. There are 15.2 million cases of the virus worldwide, with over 623,000 deaths. The U.S. has over 3.9 million cases with over 143,000 deaths. There were 1,130 deaths recorded Wednesday, which marks the deadliest day since May 29.

Meanwhile, unemployment benefits of $600 a week are set to expire July 31, with lawmakers continuing to debate what benefits will look like in August and beyond. Republicans are considering offering $400 per month, a decrease of 83%.

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