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Stock Market Crash
 
Stocks fell for the fourth straight day Thursday as investors continued to assess the strength of the economic recovery amid the recent resurgence in COVID-19 cases. 

The Dow Jones Industrial Average fell 151 points, or 0.43%, while the S&P 500 index and the Nasdaq Composite index declined 0.46% and 0.25%, respectively. Both the Dow and the S&P 500 extended their losing streaks to four days as the Nasdaq lost ground for a third straight session.

 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34879.38-151.69-0.43%
SP500S&P 5004493.28-20.79-0.46%
I:COMPNASDAQ COMPOSITE INDEX15248.253694-38.38-0.25%

 

In economic data, initial jobless claims last week fell to a pandemic-era low of 310,000. The data was good news for a market that was still digesting the Federal Reserve’s Beige Book, a survey of business conditions across the U.S, which was released Wednesday and said economic activity slowed over the summer as the COVID-19 delta variant spread across the country.

In stocks, United Airlines Holdings Inc. warned Thursday that quarterly revenue will fall 33% from a year ago as the delta variant has resulted in weaker travel demand. Capacity is expected to be at least 28% below year-ago levels, worse than the previous forecast of a more than 26% decline.   

Rival Delta Air Lines Inc. said adjusted quarterly revenue would be at the low end of its prior guidance.  

 

TickerSecurityLastChangeChange %
UALUNITED AIRLINES HOLDINGS, INC.46.58+1.05+2.31%
DALDELTA AIR LINES, INC.41.09+1.44+3.63%

 

Meanwhile, GameStop Corp. posted a wider-than-expected loss as sales surged 25% from a year ago. The video game retailer did not provide an outlook or take questions on its quarterly conference call. 

 

TickerSecurityLastChangeChange %
GMEGAMESTOP CORP.199.18+0.38+0.19%

Lululemon beat on both the top and bottom lines as the pandemic-fueled spending boom on athletic apparel showed no signs of slowing down. The company is on track to exceed its 2023 revenue target by the end of this year. 

 

TickerSecurityLastChangeChange %
LULULULULEMON ATHLETICA, INC.420.71+39.86+10.47%

 

Elsewhere, Cisco Systems Inc. was downgraded to “equal weight” from “overweight” at Morgan Stanley over valuation concerns. The firm raised its price target by $2 to $59 per share.  

In commodities, West Texas Intermediate crude oil fell $1.16 to $68.14 a barrel and gold rose $6.70 to $1,797.40 an ounce.

Overseas markets were mostly mixed.

European trading was choppy, with France’s CAC 40 and Germany’s DAX 30 edging up 0.24% and 0.08%, respectively, after the European Central Bank kept rates unchanged and said it would begin to taper its asset purchase plan. Britain’s FTSE 100 fell 1.01%,

In Asia, Hong Kong’s Hang Seng index plunged 2.3% and China’s Shanghai Composite advanced 0.49% amid reports of a further regulatory crackdown by Chinese regulators. Elsewhere in the region, Japan’s Nikkei 225 lost 0.57%.

Original Article –  Fox Business

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