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Dow Pares Some Losses But Remains in Red on Tech Wreck By Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow pared some losses Thursday, but remained in the red as technology stocks slumped and weakness in the labor market exacerbated concerns about the pace of the recovery at a time when further stimulus is unlikely in the immediate future.

The fell 0.12%, or 35 points. The was down 0.30%, while the slumped 0.75%.

The Fab 5 led the broader tech stocks lower as investors appear to be taking profit on big tech following the recent run higher, with analysts warning of a choppy month ahead.

“[O]ur optics still suggest a choppy bottoming process in the October-November timeframe with a floor around/above 3050-3150 SPX,” Technical Strategist Dan Wantrobski said.

Apple (NASDAQ:), Amazon.com (NASDAQ:), Facebook (NASDAQ:), Google-parent Alphabet (NASDAQ:) and Microsoft  (NASDAQ:) traded in the red.

Investor sentiment was also hurt by data suggesting the resilience seen in the labor market could start to give away without further stimulus to support the broader economy.

The Labor Department said 898,000 Americans filed for unemployment insurance, up 53,000 from the prior week’s 845,000. That was above economists’ estimates for 820,000 claims and the highest since Aug. 22.

“The bottom line here is that the state of the labor market is contingent on the virus picture, so we can’t rule out further increases, and at this point we’d regard a zero print for October payrolls as a decent result; a clear decline is entirely possible,” Pantheon Macroeconomics said.

A day after conceding that stimulus was unlikely to be rolled out before the Nov. 3 election, Treasury Secretary Steven Mnuchin said he would continue talks with House Speaker Nancy Pelosi on Thursday to resolve differences, particularly on funding for a national testing plan, which remains a sticking point.  

Healthcare stocks were also among the biggest losers on the day, led by 20% slump in Vertex Pharmaceuticals (NASDAQ:) after it stopped testing on a protein deficient treatment amid safety concerns.

Walgreens Boots Alliance (NASDAQ:) rose 3% after reporting better-than-expected quarterly results, underpinned by higher U.S. sales.

Elsewhere on the earnings front, United Airlines Holdings Inc (NASDAQ:) slumped more than 4% after its second-quarter results,  released late-Wednesday, fell short of Wall Street estimates as the pandemic continues to weigh on air travel.

Energy, meanwhile, was pressured by a fall in oil prices as concerns about demand in the wake of a resurgence in the spread of Covid-19 offset data showing a larger-than-expected draw in weekly inventories.  

In other news, cloud computing company Fastly (NYSE:) plunged 27% after trimming its third-quarter guidance, citing an uncertain geopolitical backdrop and lower-than-expected demand.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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12 million people in Britain will struggle to pay bills, watchdog says By Reuters

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© Reuters. Outbreak of the coronavirus disease (COVID-19) in London

LONDON (Reuters) – Some 12 million people in Britain are likely to struggle with bills and loan repayments as the COVID-19 pandemic continues to wreak economic havoc, a Financial Conduct Authority survey tracking consumer financial resilience showed on Thursday.

The survey, conducted in July, found 12 million people in Britain had low financial resilience and also found that one-sixth of those people had become financially vulnerable since February, after lockdowns to control the virus slashed incomes and led to thousands of job cuts.

The survey, in which 7,000 people took part, showed that almost a third of adults have suffered a drop in income, while income for households has fallen by a quarter on average.

Black and Minority Ethnic respondents fared even worse, with 37% reporting a hit to their incomes.

More than a third of respondents, who already had low financial resilience and had a mortgage, said they were likely to fall behind on mortgage payments, while 42% of renters said they were worried about falling behind on their obligations.

36% of people feared falling behind on repayments linked to loans or credit cards.

“We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support,” Sheldon Mills, the FCA’s Interim Executive Director of Strategy and Competition said.

The regulator has put together a package of measures to ensure vulnerable households can access help after Oct. 31, when earlier COVID-19 relief initiatives such as loan and mortgage repayment breaks and the original Job Retention Scheme expire.

It has also encouraged borrowers to seek free advice on how to manage problem debts and urged banks and lenders to treat customers fairly, adding that firms should work with customers to provide support before they miss payments.

Options to negotiate new repayment plans, suspend, reduce, waive or cancel any further interest or charges will be open to customers, the FCA said.

However, banks needed to be transparent about how such actions could result in increased costs over the long term and how such support could impact personal credit profiles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Exxon Mobil ‘very close’ to disclosing U.S., Canada job cuts, CEO says By Reuters

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© Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba

HOUSTON (Reuters) – Exxon Mobil Corp (N:) is “very close” to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday.

The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and is expected to post another quarterly loss when results are released on Oct. 30.

The job cuts are part of a plan unveiled earlier this year to redesign how Exxon works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce.

The company this year has exceeded a target of reducing operating expenses by $1 billion and capital budget spending by $10 billion, he wrote. But the COVID-19 pandemic has cut oil demand by about 20%, he said, delivering a “devastating impact” on the oil business.

He told employees that “we are very close” to completing the jobs review and that they could expect details soon.

“I wish I could say we were finished, but we are not. We still have some significant headwinds, more work to do and, unfortunately, further reductions are necessary,” he said in the email.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.35% By Investing.com

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© Reuters. U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.35%

Investing.com – U.S. stocks were lower after the close on Wednesday, as losses in the , and sectors led shares lower.

At the close in NYSE, the declined 0.35%, while the index lost 0.22%, and the index declined 0.28%.

The best performers of the session on the were The Travelers Companies Inc (NYSE:), which rose 5.83% or 6.89 points to trade at 125.00 at the close. Meanwhile, Walt Disney Company (NYSE:) added 1.34% or 1.68 points to end at 126.63 and Nike Inc (NYSE:) was up 0.73% or 0.94 points to 129.43 in late trade.

The worst performers of the session were Goldman Sachs Group Inc (NYSE:), which fell 2.46% or 5.12 points to trade at 202.91 at the close. Boeing Co (NYSE:) declined 2.02% or 3.38 points to end at 163.86 and International Business Machines (NYSE:) was down 1.97% or 2.31 points to 115.06.

The top performers on the S&P 500 were Twitter Inc (NYSE:) which rose 8.39% to 50.24, Chubb Ltd (NYSE:) which was up 7.48% to settle at 128.22 and Kohls Corp (NYSE:) which gained 6.73% to close at 22.04.

The worst performers were Netflix Inc (NASDAQ:) which was down 6.92% to 489.05 in late trade, Pioneer Natural Resources Co (NYSE:) which lost 6.09% to settle at 78.44 and Alliance Data Systems Corp (NYSE:) which was down 6.09% to 48.61 at the close.

The top performers on the NASDAQ Composite were Insignia Systems Inc (NASDAQ:) which rose 154.99% to 1.7500, Marin Software Inc (NASDAQ:) which was up 149.01% to settle at 3.760 and Astrotech Corp (NASDAQ:) which gained 58.58% to close at 2.680.

The worst performers were Zosano Pharma Corp (NASDAQ:) which was down 27.74% to 0.444 in late trade, TuanChe ADR (NASDAQ:) which lost 23.23% to settle at 0.760 and Anchiano Therapeutics Ltd (NASDAQ:) which was down 21.62% to 1.160 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1947 to 1101 and 138 ended unchanged; on the Nasdaq Stock Exchange, 1776 fell and 1087 advanced, while 100 ended unchanged.

Shares in Twitter Inc (NYSE:) rose to 5-year highs; up 8.39% or 3.89 to 50.24. Shares in Insignia Systems Inc (NASDAQ:) rose to 52-week highs; rising 154.99% or 1.0637 to 1.7500. Shares in Marin Software Inc (NASDAQ:) rose to 52-week highs; up 149.01% or 2.250 to 3.760.

The , which measures the implied volatility of S&P 500 options, was down 2.38% to 28.65.

Gold Futures for December delivery was up 0.65% or 12.40 to $1927.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 4.08% or 1.70 to hit $40.00 a barrel, while the December Brent oil contract unchanged 0.00% or 0.00 to trade at $41.72 a barrel.

EUR/USD was up 0.03% to 1.1864, while USD/JPY rose 0.01% to 104.57.

The US Dollar Index Futures was down 0.45% at 92.635.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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