Stocks were ticking lower Thursday as investors fretted about the increase in Covid cases in the U.S. and jobless claims disappointed.
Futures for the Dow Jones Industrial Average were off 48 points, or 0.2%., while S&P 500 futures indicated a 0.1% decline. Nasdaq Composite futures were down 0.1%. The 10-Year Treasury yield inching down to 0.86%. The price of crude oil fell 0.5% to $41.61.
U.S. Covid deaths passed 250,000, and concerns remain about the impact of the resurgence of the virus, which caused New York City to cancel school on Wednesday.
Jobless claims rose to 742,000, from 709,000, and missed expectations for 710,000, raising concerns that the U.S. economic recovery is stalling.
On the plus side, AstraZeneca’s Covid-19 vaccine demonstrated a strong response in older adults, the latest piece of positive news on that front. For now, concerns about the spread of Covid and a slowing economy outweigh optimism about a possible vaccine. AstraZeneca stock was up 0.6%.
L Brands (LB) shares rose 16% after the company beat earnings and revenue estimates. L Brands reported a profit of $1.17 a share, beating expectations for 12 cents, on sales of $3.1 billion, topping forecasts for $2.7 billion.
Macy’s (M) fell 5% despite beating on both the top and bottom lines. Macy’s lost 19 cents a share, beating forecasts for a 79 cent loss, on sales of $3.9 billion, against estimates of $3.86 billion. Same-store-sales fell 20% year-over-year. The company said it expects to see the 20% same-store-sales decline continue in the current quarter.
BJs Wholesale Club Holdings (BJ) fell 2% after the company missed revenue and beat earnings estimates. BJ’s reported a profit of 92 cents a share, beating forecasts for 65 cents, on sales of $3.64 billion, topping estimates of $3.68 billion.
Nvidia (NVDA) stock dropped 1% despite reporting earnings that beat expectations. Nvidia’s reported a profit of $2.91 a share, topping estimates for $2.57, on sales of $4.73 billion, against estimates of $4.41 billion. The company said its data center revenue will decline quarter-over-quarter in the current period and the stock had run up 5.3% in the week leading into earnings.
Email: Jacob Sonenshine at Jacob.Sonenshine@barrons.com