The Dow Jones Industrial Average closed at 27,534.58 on Thursday with a loss of 405.89 points or -1.45%. The S&P 500 closed at 3,339.19 for a loss of 59.77 points or -1.76%. The Nasdaq Composite closed at 10,919.59 for a loss of 221.97 points or -1.99%. The VIX Volatility Index was higher at 29.71 for a gain of 0.90 points or 3.12%.
Thursday's market movers
U.S. indexes closed lower Thursday, wiping out much of the gains from Wednesday's rebound. Futures were positive at the opening, but investor sentiment was swayed by concerns over a stimulus package that didn't pass Senate Democrats.
Energy and technology led the day's final losses. In the S&P 500, the following stocks led losses and gains:
- EOG Resources (EOG, Financial) -9.27%
- Apache Corporation (APA, Financial) -8.67%
- Occidental Petroleum (OXY, Financial) -7.87%
- Tapestry, Inc. (TPR, Financial) +8.40%
- Tyson Foods (TSN, Financial) +3.61%
- Laboratory Corporation of America Holdings (LH, Financial) +3.33%
- Quest Diagnostics (DGX, Financial) +3.25%
Other stock highlights included:
- Oracle (ORCL, Financial) earnings. Revenue of $9.37 billion increased 1.6% year over year and beat estimates by $190 million. First-quarter GAAP earnings of 72 cents per share beat estimates by 7 cents and non-GAAP earnings of 93 cents beat estimates by 7 cents.
- Peloton (PTON, Financial) earnings. Revenue of $607.1 million increased 171.9% year over year and beat estimates by $27.43 million. Fourth-quarter GAAP earnings of 27 cents beat estimates by 18 cents.
Economic reports affecting market trading included the following:
- 884,000 Americans filed jobless claims, similar to the previous week's report. Continuing jobless claims were 13.385 million, following a report of 13.292 million.
- The Producer Price Index increased 0.3% in August and decreased 0.2% year over year. The Core Producer Price Index increased 0.4% in August and 0.6% year over year.
- Wholesale inventories decreased 0.3% in July following a decrease of 1.3%.
- Crude oil inventory was up 1.7 million barrels, according to the EIA's Weekly Petroleum Status Report.
- The Treasury held auctions for four-week bills at a rate of 0.090%, eight-week bills at a rate of 0.105% and 30-year bonds at a rate of 1.473% .
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.86%, down from 2.93%. The 15-year fixed-rate mortgage averaged 2.37%, down from 2.42%.
Small-cap stocks
In small caps, the Russell 2000 closed at 1,507.75 for a loss of 18.73 points or -1.23%. The S&P 600 closed at 867.53 for a loss of 11.76 points or -1.34%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,487.30 for a loss of 118.41 points or -1.12%. The Dow Jones U.S. Small-Cap Value Index closed at 6,994.48 for a loss of 122.58 points or -1.72%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,857.15 for a loss of 23.37 points or -1.24%; the S&P 100 at 1,551.03 for a loss of 29.84 points or -1.89%; the Nasdaq 100 at 11,154.12 for a loss of 241.72 points or -2.12%; the Russell 3000 at 1,947.54 for a loss of 32.61 points or -1.65%; the Russell 1000 at 1,851.92 for a loss of 31.49 points or -1.67%; the Wilshire 5000 at 34,035.06 for a loss of 573.53 points or -1.66%; and the Dow Jones U.S. Select Dividend Index at 590.30 for a loss of 9.72 points or -1.62%.
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