By Anora Mahmudova and Sara Sjolin, MarketWatch
Alcoa, Bed Bath & Beyond shares drop after earnings
results
NEW YORK (MarketWatch) -- U.S. stocks moved between small gains
and losses Thursday as investors assessed weekly jobless claims and
disappointing earnings reports from Alcoa, Bed Bath & Beyond
and other companies.
The number of Americans filing for initial unemployment benefits
(http://www.marketwatch.com/story/us-jobless-claims-jump-14000-to-281000-2015-04-09)
rose by less than expected, while the rate of layoffs remained
historically low.
Market participants were gearing up for more earnings, after
aluminum giant Alcoa late Wednesday unofficially kicked off the
first-quarter season on a downbeat note
(http://www.marketwatch.com/story/alcoa-swings-to-profit-but-revenue-misses-2015-04-08).
The S&P 500 (SPX) was flat at 2,081, with seven of its 10
main sectors trading lower. Utilities and telecoms led the losses,
while energy and health-care sector stocks held on to gains.
The Dow Jones Industrial Average (DJI) inched 20 points, or
0.1%, lower to 17,940.
The Nasdaq Composite (RIXF) was flat at 4,951.85.
FOMC reaction: Investors were still digesting the minutes from
the latest FOMC meeting, which showed that policy makers were split
on the timing of the first interest-rate hike.
"I think we could continue to see futures waver ahead of the
open, with it being such a data-light session and the FOMC minutes
not inspiring any significant movement," said Craig Erlam, senior
market analyst at forex broker Oanda, in emailed comments.
The record from the Federal Open Market Committee's March
meeting, released on Wednesday, showed several members supported a
June rate hike
(http://www.marketwatch.com/story/low-bar-set-for-fed-rate-hike-minutes-show-2015-04-08),
but also that others thought a rate hike wouldn't be warranted
until later in the year, as low oil prices and the strong dollar
would likely hold inflation down. U.S. stock markets ended the
Wednesday session slightly higher after the minutes
(http://www.marketwatch.com/storyno-meta-for-guid).
"What has been taken as dovish FOMC minutes didn't really shed
any new light on the path for interest rates. June has looked
unlikely for a while now, and any month beyond that will depend on
the data," Erlam said.
Data: The number of people who applied for U.S. unemployment
benefits climbed by 14,000 to 281,000 in the seven days from March
29 to April 4, but the low level of initial claims shows that few
workers are getting laid off even as job creation appears to have
slowed.
Stocks to watch: Shares of Alcoa Inc.(AA) lost 3.8% after the
aluminum maker late Wednesday reported revenue that missed
forecasts
(http://www.marketwatch.com/story/alcoa-swings-to-profit-but-revenue-misses-2015-04-08)
and pointed to a challenging outlook.
Zynga Inc.(ZNGA) tanked 12% after the video-game maker late
Wednesday said chief executive Don Mattrick will leave the company
effective April 8
(http://www.marketwatch.com/story/zynga-ceo-don-mattrick-to-leave-company-founder-mark-pincus-to-be-ceo-2015-04-08-16911119),
to be replaced by founder and chairman Mark Pincus.
U.S.-listed shares of Novogen Ltd. (NVGN) surged 37% to $6.15
after the Australian biotech company said its experimental drug
Anisina was shown to kill melanoma cells.
Bed Bath & Beyond Inc.(BBBY) fell 5.3% after the retailer on
Wednesday reported fourth-quarter earnings in line with
forecasts.
Shares of Walgreens Boots Alliance Inc.(WBA) gained 2.6% after
the drugstore chain reported profit ahead of expectations
(http://www.marketwatch.com/story/walgreens-stock-rises-after-profit-beats-expectations-2015-04-09).
Other markets: Asian stock markets closed mostly higher
(http://www.marketwatch.com/storyno-meta-for-guid), powered by a
2.7% jump for the Hang Seng Index . Stocks in Europe followed suit,
with the Stoxx Europe 600 index on track to log an all-time closing
high (http://www.marketwatch.com/storyno-meta-for-guid).
Oil (CLK5) rebounded
(http://www.marketwatch.com/story/oil-slightly-recovering-after-previous-sessions-6-fall-2015-04-09)
from Wednesday's more-than-6% slide. Metals were mixed, while the
ICE dollar index (DXY) advanced.
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