ECONOMIC SILUET: Dow, S&P 500 fall for the fourth session | Jobless claims hit pandemic-era low

Kamis, 09 September 2021

Dow, S&P 500 fall for the fourth session | Jobless claims hit pandemic-era low | GameStop's comeback

THU, SEP 09, 2021

EVENING BRIEF

AS OF THU, SEP 09, 2021 • 04:41 ET

DJIA		34879.38
		-0.43%	-151.69

S&P 500		4493.28
		-0.46%	-20.79

NASDAQ		15248.25
		-0.25%	-38.38

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	154.07	-1.04	-0.67%
MSFT	297.25	-2.96	-0.99%
VZ	54.44	-0.47	-0.86%

S&P 500
NAME	LAST	CHG	%CHG
F	12.76	-0.27	-2.07%
AAL	20.20	+1.07	+5.59%
AAPL	154.07	-1.04	-0.67%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	154.07	-1.04	-0.67%
AMD	106.15	-0.02	-0.02%
MRNA	455.92	+33.02	+7.81%

EDITOR'S NOTE

The Dow Jones Industrial Average and S&P 500 fell for the fourth consecutive session Thursday, despite last week's jobless claims hitting a new pandemic low. Initial claims for unemployment benefits came in at 310,000, which was below expectations of 335,000 claims.

Investors are still cautious on the overall market with overhangs like the coronavirus delta variant and the Federal Reserve's potential rollback of its easy policies.

One stock managed a large comeback Thursday: retail investor favorite GameStop. The brick-and-mortar video game retailer closed in the green after dropping as much as about 10.5% during the session.

The initial decline came as GameStop failed to provide an outlook for the upcoming quarters and details on its e-commerce transformation. However, later in the day Thursday, small investors on Reddit's chatroom WallStreetBets decided to buy the dip in the name, pushing the stock higher.

GameStop was the single most popular ticker mention in the forum, overtaking previous stars of the show Clover Health and SPY (the exchange-traded fund that tracks the S&P 500), according to alternative research provider Quiver Quantitative.

GameStop posted a narrower loss in the second quarter and higher sales.

The embattled company has been trying to shift its business more toward e-commerce. In an effort to improve the delivery of online orders, the company announced it signed a lease for a 530,000-square-foot fulfilment center in Reno, Nevada. The site will help it to expand its fulfillment network across both U.S. coasts.

Leasing a fulfillment center in Nevada typically isn't the kind of thing that sparks a double-digit turnaround in the stock, but when the meme traders get involved, anything can happen.

Said Jim Cramer: "I need to have one reason why people are buying GameStop... I will believe if I can have one."