The Dow Jones Industrial Average closed at 34,577.04 on Thursday with a loss of 23.34 points or -0.07%. The S&P 500 closed at 4,192.85 for a loss of 15.27 points or -0.36%. The Nasdaq Composite closed at 13,614.51 for a loss of 141.82 points or -1.03%. The VIX Volatility Index was higher at 18.04 for a gain of 0.56 points or 3.20%.
Thursday's Market Movers
U.S. stocks were mostly lower Thursday. Meme stocks (struggling stocks that investors pile into in the hopes of triggering a short squeeze) continued to attract attention with a new filing by AMC Entertainment (AMC, Financial) reporting 11.55 million new shares available for sale. AMC's stock was down -20.4%. In regards to meme stocks, Bank of America also released its weekly report on the top Reddit meme stocks, including Zillow (Z, Financial), Bed Bath & Beyond (BBBY, Financial), Beyond Meat (BYND, Financial), GameStop (GME, Financial) and Virgin Galactic (SPCE, Financial).
On the economic front, the Wall Street Journal published an article discussing the economy's recovery and how it could beat the 2007-2009 financial crisis rebound. Jobless claims released Thursday reported a pandemic low at 385,000 with a continuing jobless claims rate of 3.771 million. ADP released its May private sector jobs report with new payrolls of 978,000, up from 654,000 and beating the estimate of 600,000.
In other news:
- Cyberattacks on transportation systems in New York and Massachusetts were revealed to news outlets.
- Labor and productivity data was released. Labor costs increased 1.7% in the first quarter following an increase of 14.0%. Nonfarm productivity increased by 5.4% in the first quarter following a decrease of -3.8%.
- The Markit Composite PMI increased to 68.7 in May from 63.5.
- The ISM Non-Manufacturing PMI increased to 64 in May from 62.7. Separately, the ISM Non-Manufacturing Business Activity Index increased to 66.2 from 62.7, the ISM Non-Manufacturing Prices Index increased to 80.6 from 76.8, the ISM Non-Manufacturing New Orders Index increased to 63.9 from 63.2, and the ISM Non-Manufacturing Employment Index decreased to 55.3 from 58.8.
- Crude oil inventory decreased by -5.7 million barrels, according to the EIA's Weekly Petroleum Status Report.
- The Treasury held auctions for 4-week bills at a rate of 0.000% and 8-week bills at a rate of 0.015%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.99%, up from 2.95%. The 15-year fixed-rate mortgage averaged 2.27%, with no change from last week.
Across the board:
- Tesla (TSLA, Financial) was down -5.33% after a recall for over 700 vehicles in China over seat belt and tire issues as well as lower China sales overall in May.
- Ford (F, Financial) 7.24%
- General Motors (GM, Financial) 6.39%
- Global X Social Media ETF (SOCL, Financial) -2.27%
- iShares PHLX Semiconductor ETF (SOXX) -1.72%
- Wedbush ETFMG Video Game Tech ETF (GAMR) -1.39%
- Consumer Discretionary Select Sector SPDR Fund (XLY) -1.19%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,279.25 for a loss of 18.59 points or -0.81%. The S&P 600 closed at 1,381.25 for a loss of 11.18 points or -0.80%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,769.03 for a loss of 156.36 points or -1.05%. The Dow Jones U.S. Small-Cap Value Index closed at 11,661.77 for a loss of 38.28 points or -0.33%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,714.96 for a loss of 13.39 points or -0.49%; the S&P 100 at 1,895.87 for a loss of 7.98 points or -0.42%; the Nasdaq 100 at 13,529.68 for a loss of 146.11 points or -1.07%; the Russell 3000 at 2,503.73 for a loss of 11.79 points or -0.47%; the Russell 1000 at 2,355.90 for a loss of 10.51 points or -0.44%; the Wilshire 5000 at 43,810.00 for a loss of 200.84 points or -0.46%; and the Dow Jones US Select Dividend Index at 870.05 for a gain of 2.23 points or 0.26%.
