The stock market indexes did not change much Thursday morning, despite new economic data. Retailers also had a mixed performance.
At 10:38 am, the Nasdaq Composite was up by 0.2%. ET, trying hard to hold the 13,000-level. Stocks would do well to continue support at this level, but the market is still in a correction.
The S&P 500 increased by 0.1%. Dow Jones Industrial Average also rose by 0.1% and remained below the 200-day moving mean. The Russell 2000 gained 0.2%.
The volume on the Nasdaq grew compared to the same time Wednesday.
The stock market didn't react much to the new economic data.
Last week, the number of jobless claims increased from 204,000 to 23,000. Econoday reported that economists expected 211,000 first claims for benefits.
The final estimate of second-quarter GDP growth was 2.1%, which is unchanged from the previous estimate but slightly lower than the consensus estimate of 2.3%.
The yield of the 10-year Treasury Note was not much changed, at 4.63%. It is still close to 2007 highs.
The U.S. Personal Income and Spending Report for August will be released on Friday. It includes an important inflation indicator: the Personal Consumption Expenditures Index.
Amazon.com's (AMZN), one of the major stocks, fell to its lowest price in almost four months. Meta Platforms (META), whose shares are up 1.2%, is trying to break through resistance at the 50 day moving average.
Stock Market Earnings Mover
Workday (WDAY), which plunged 7.5% in the early hours of Thursday, bounced back off its 200-day moving median. At an analyst day on Wednesday, the human resources software company lowered its forecast for subscription revenue growth.
Accenture (ACN), which is a global tech services and consulting firm, fell 5% on heavy volume. This caused its breakout of 324.19 at a sell-signal to fail. The global tech consulting and services firm, Accenture (ACN), beat expectations for earnings on Thursday morning but revenue fell short of forecasts due to weak bookings. The sales forecast for the company's fiscal year, which began this month, came in lower than expected.
Jabil (JBL), which rose by 10.5%, is now above the 50-day moving median. Early Thursday, the Electronics contract manufacturer announced mixed results for the August-quarter. The earnings were higher than expected, but the sales and revenue forecasts lagged behind expectations.
CarMax (KMX), which is a used-car seller, has fallen 10% and dragged down other auto retailers. Earnings for the August quarter of used-car seller fell by 5%, to 75 cents per share. The revenue fell 13% to $7.07billion, with results that were in line with expectations. This was the seventh consecutive quarter with declining earnings due to a slowing used-car market.
Stock Market Moves by Other Retailers
In retail, GameStop has named Ryan Cohen as its new CEO. Cohen, who holds a 12% share in the company and joined GameStop's board at the beginning of 2021, was promoted to chairman by June 2021. The video game retailer announced that Cohen will not be paid. GameStop shares, which have been gaining ground since June when it announced its search for a new CEO, rose 1.2%.
Costco (COST), which has been rising since Tuesday's earnings announcement, is now trying to surpass the buy point of 571.16 on a flat basis. The stock is trading slightly below its entry price, but volume is high.
After Peloton Interactive announced on Wednesday that it would develop digital fitness content exclusively for Lululemon Athletica, (LULU), Beaten-down Peloton Interactive jumped by 2.5%. Lululemon remained flat.
Lululemon and Peloton will partner up on apparel co-branded by the companies, while Lululemon stops selling Studio Mirror, an exercise device that is a competitor to Peloton.