By Sara Sjolin, MarketWatch
Whole Foods slides more than 10% after reporting earnings
U.S. stocks switched between small gains and losses on Thursday,
as investors remained on the sidelines following big fluctuations
in government bond markets in the U.S and much of Europe.
Losses in the energy sector were also weighing on the S&P
500 and Dow.
Global equity markets suffered sharp moves following a jump in
German bond yields. The yield on 10-year German Bunds jumped as
high as 15 basis points, but has pared its gains to trade unchanged
at 0.64%.
Ahead of the opening bell, stock futures saw some pressure after
a weekly jobless-claims report showed layoffs remain at 15-year
lows. Some investors use jobless claims data as a precursor for the
highly-anticipated nonfarm-payrolls report due on Friday.
The S&P 500 (SPX) was off about 2 points, or 0.1% at 2,079.
Energy stocks sold off following a drop in oil prices, while five
of the main 10 sector traded lower. The Dow Jones Industrial
Average (DJI) was flat at 17,842. The Nasdaq Composite (RIXF) added
10 points, or 0.2%, to 4,2929.
Data: The number of people applying for U.S. unemployment
benefits remains near a 15-year low, rising a scant 3,000 to
265,000 in the seven days stretching from April 26 to May 2, well
below economists' forecasts.
The data come a day ahead of the top-tier nonfarm-payrolls
report, which is closely watched by the Fed to assess the best time
for a first rate hike. Payrolls were very disappointing in March,
with only 126,000 jobs added to the economy, but forecasts are for
a pickup to 233,000 in April.
Also on tap, consumer credit numbers for March are due at 3 p.m.
Eastern.
Earnings:Whole Foods Market Inc. (WFM) reported after
Wednesday's closing bell, posting sales that fell short of
forecasts. Shares were down 10%, making it the biggest decliner on
the S&P 500.
Reporting ahead of the bell, Priceline(PCLN) posted
better-than-expected first-quarter profit, but gave a soft outlook
for the current quarter. Shares fell nearly 6%.
Alibaba (BABA) said revenue rose 45% during its fourth fiscal
quarter
(http://www.marketwatch.com/story/seaworld-loss-narrows-sales-beat-estimates-2015-05-07),
helping send the shares up 7.4%.
SeaWorld Entertainment Inc. (SEAS), which is still struggling
with an image problem after the documentary "Blackfish", said its
loss narrowed in the first quarter
(http://www.marketwatch.com/story/seaworld-loss-narrows-sales-beat-estimates-2015-05-07),
while sales beat estimates. The stock fell 1.2%.
Movers and shakers: Shares of Zynga Inc.(ZNGA) gained 2.3% after
the online game maker late Wednesday posted better-than-expected
first-quarter earnings
(http://www.marketwatch.com/story/zynga-stock-climbs-on-strong-quarter-job-cuts-2015-05-06)
and announced plans to cut 18% of its workforce.
Tesla Motors Inc.(TSLA) slid 1.4%, shaking off
better-than-expected first-quarter results reported on
Wednesday.
Other markets: U.K. stocks moved sharply lower
(http://www.marketwatch.com/storyno-meta-for-guid) as investors
took a hands-off approach on the day of the highly anticipated
general election. Read: 7 things you need to know about the U.K.
election
(http://www.marketwatch.com/story/7-things-you-need-to-know-about-the-uk-election-2015-05-06)
(http://www.marketwatch.com/story/7-things-you-need-to-know-about-the-uk-election-2015-05-06)
(http://www.marketwatch.com/story/7-things-you-need-to-know-about-the-uk-election-2015-05-06)
Stocks in Asia closed sharply
(http://www.marketwatch.com/story/asia-stocks-fall-after-yellen-warning-2015-05-06-231033824)
lower following Federal Reserve Chairwoman Janet Yellen's warning
on stock valuation
(http://www.marketwatch.com/story/yellen-says-stock-valuations-are-quite-high-2015-05-06),
while European markets were mixed amid
(http://www.marketwatch.com/story/asia-stocks-fall-after-yellen-warning-2015-05-06-231033824)
weakness in the bond market.
Oil futures (CLM5) fell after two straight days of gains
(http://www.marketwatch.com/story/crude-rallies-again-with-price-of-wti-atop-61-2015-05-06),
while most metals were also on the decline. The ICE dollar index
(DXY) rose slightly.
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