Wall Street Today | US Jobless Claims Fall to 201,000, Lowest Level Since January
MACRO
US Jobless Claims Fall to 201,000, Lowest Level Since January
Applications for US unemployment benefits fell to the lowest level since January last week, indicating a healthy labor market that continues to support the economy.
Initial jobless claims dropped by 20,000 to 201,000 in the week ending Sept. 16, returning to within striking distance of the lowest level in more than five decades, according to Labor Department data out Thursday.
Hyped Trio of IPOs Drop Toward Offer Price With Rates Still High
$Arm Holdings(ARM.US$ dipped below its IPO price in early trading, headed for a fifth straight decline, wiping out a quarter of its value. A day earlier $Instacart(Maplebear)(CART.US$ briefly dipped below its debut price. Klaviyo Inc. was also little changed, but well-off levels hit during its debut yesterday.
Everything Selloff Snowballs While Traders Adjust to Fed’s Reality
Investors dealing with a Federal Reserve-induced hangover are suffering as all asset classes deliver losses that aren’t expected to diminish any time soon.
Five major exchange-traded funds that track stocks, bonds, or commodities are poised for their first week of tandem losses in a month. Each is down at least 0.8% over four trading sessions, the third worst week since October.
SECTORS
Oil Little Changed as Risk-Off Mood Vies with Russia Export Ban
Oil steadied as a broad, risk-off sentiment eroded gains driven by Russia’s ban on gasoline and diesel exports, further tightening an already stressed global fuel market. The measures, designed to stabilize Russia’s domestic fuel prices, will remove supplies from the worldwide diesel market when refiners struggle to meet demand.
West Texas Intermediate settled below $90 a barrel, after rallying close to $91 earlier. In broader markets, investors fled risky assets after the Federal Reserve flagged that borrowing costs would likely stay higher for longer.
COMPANIES
Microsoft Is Rolling Out Generative AI in Windows and Office App
$Microsoft(MSFT.US$ said its AI assistant for Windows will start rolling out Sept. 26 and the Office AI app will be widely available Nov. 1 as the software giant continues to bake generative artificial intelligence into its products.
Rupert Murdoch to Leave Helm of Empire After Seven Decades
Rupert Murdoch is stepping down as chairman of the boards of $Fox Corp-B(FOX.US$ and $News Corp-A(NWSA.US$ following a nearly seven-decade career, and will become chairman emeritus of each company.
Comcast’s USA Network Takes Over WWE Rights From Fox Under New Deal
$Comcast(CMCSA.US$ NBCUniversal has reached a five-year deal to air $TKO Group Holdings(TKO.US$'S WWE Friday Night SmackDown, taking over broadcast rights that have belonged to Fox Corp. since 2019.
Cisco to Buy Cybersecurity Company Splunk in $28 Billion Deal
$Cisco(CSCO.US$ has struck a $28 billion deal to buy analytics and security-software company $Splunk(SPLK.US$ as the networking equipment giant looks to tap further into the rise of generative artificial intelligence.
Broadcom Stock Is Dropping. The Google AI Chip Deal May Be at Risk
$Broadcom(AVGO.US$ stock is dropping on Thursday after a report said the group's long-term deal to supply artificial-intelligence chips to $Alphabet-A(GOOGL.US$ is in jeopardy, with the latter considering bringing chip design in-house.
Source: Bloomberg, Dow Jones, CNBC
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