Sumary of Dow pulls back slightly after two days of gains as jobless claims unexpectedly jump:
- “The disappointing number may cause an initial shock to the system, but many could view this as short-term volatility in the labor market until we see benefits start to expire.
- For the most part, the market has shaken off Monday’s sell-off in favor of strong earnings, so market watchers could see the forest from the trees in this scenario.
- Apple and Microsoft, which are scheduled to report earnings next week, are trading about 1.5% higher.
- Still, a strong second-quarter earnings reporting season continues, with American Airlines posting a profit for the second-quarter, snapping a streak of five straight quarters with losses, thanks to the recovery in travel demand and government aid.
- Union Pacific, traded up more than 1% after reporting second-quarter net income of $1.8 billion or $2.72 per diluted share.
- CSX jumped more than 3% after the railroad’s second-quarter profit more than doubled.
- Intel, Twitter, Snap and Capital One will post quarterly updates after the market closes.
- AT&T shares are sightly lower, similarly, after earnings and revenue topped analyst estimates.