Sumary of Stocks are flat following an unexpected jump in jobless claims:
- The tech-heavy Nasdaq Composite is leading the markets with a 0.25% gain.
- “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, Amazon and Microsoft, which are all scheduled to report earnings next week, are trading 1% 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 4% after the railroad’s second-quarter profit more than doubled.
- AT&T shares are sightly higher after earnings and revenue topped analyst estimates.