Stock Market Wall Street Opens Mixed After Jobless Claims Disappointment; Dow...

Wall Street Opens Mixed After Jobless Claims Disappointment; Dow Down 15 Pts By


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© Reuters.

By Geoffrey Smith — U.S. stock markets opened mixed on Thursday, after a second straight rise in weekly claims for jobless benefits acted as a reminder that the economy’s progress out of lockdown is still uneven. 

By 9:35 AM ET (1435 GMT), the was down 15 points, or less than 0.1%, at 33,432 points. The was up, however, by 0.3% and the was up by 0.9%, as the market digested Wednesday’s news that the Biden administration’s tax plans will likely hit a much smaller number of companies than at first thought. 

Earlier, the Labor Department had reported that rose to 744,000 last week, disappointing hopes that they would resumed their downward trend. Economists had predicted a number of around 680,000. The broadest measure of those claiming unemployment-related benefits – including two pandemic-related schemes – .

Among early movers, Constellation Brands (NYSE:) stock fell 4.6% after the company issued underwhelming guidance for the coming year. Operating margins in its fiscal fourth quarter also suffered, especially due to the effects of wildfires on its wines division.  

Likewise, ConAgra Foods  (NYSE:) stock opened down 2.2% after it said it expects operating margins to be compressed in the next three months, not least due to higher input costs.

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