Stocks end mixed as S&P misses record finish

Apple nears a $2T market capitalization

U.S. equity markets ended despite positive employment data which showed initial jobless claims fell below 1 million for the first week since coronavirus lockdowns began in mid-March.

The S&P 500, ever so close to an all-time high fell short, slipping 0.20% to 3,373.43. The benchmark is just over 12 points away from the record high close of 3,386.15 reached in February.

The Dow Jones Industrial Average, meanwhile, dropped 82 points, or 0.29%, while the Nasdaq Composite rose  0.27%.

Ticker Security Last Change Change %
SP500 S&P 500 4070.56 +10.13 +0.25%
I:DJI DOW JONES AVERAGES 33978.08 +28.67 +0.08%
I:COMP NASDAQ COMPOSITE INDEX 11621.709487 +109.30 +0.95%

Initial jobless claims for the week ended Aug. 8 totaled 963,000, according to the Labor Department. The reading marked the first time in 21 weeks that filings were below 1 million and was beneath the 1.12 million filings that Wall Street analysts surveyed by Refinitiv were expecting.

Continuing claims, meanwhile, fell by 604,000 to 15.48 million, also better-than-anticipated.

Looking at stocks, Dow component 3M said July sales rose 6% from a year ago as business picked up across all of its units. While Cisco Systems reported better-than-expected top- and bottom-line results and laid out a restructuring plan after the COVID-19 pandemic resulted in lower customer spending. Both Cisco’s earnings and revenue forecasts disappointed.

Ticker Security Last Change Change %
MMM 3M CO. 115.27 +1.70 +1.50%
CSCO CISCO SYSTEMS INC. 48.51 +0.17 +0.35%

Fellow Dow component Apple Inc. is preparing a bundle, called “Apple One,” that will give customers who subscribe to multiple services from the company a discounted price, according to Bloomberg.

Ticker Security Last Change Change %
AAPL APPLE INC. 145.93 +1.97 +1.37%

Shares of the tech giant finsihed just below the $467.77 level that, if eclipsed, would make Apple the first U.S. company to reach a $2 trillion market valuation.

Ride-hailing app Lyft said its number of active riders fell 60% year-over-year in the three months through June as customers sheltered at home amid the COVID-19 pandemic.

Ticker Security Last Change Change %
LYFT LYFT INC. 16.18 +0.82 +5.34%
UBER UBER TECHNOLOGIES INC. 30.36 +0.34 +1.13%

The company, along with Uber, said it may suspend service in California if a judge’s order saying the company must consider drivers employees rather than independent contractors is upheld which it was late Thursday, according to reports.


Ticker Security Last Change Change %
LYFT LYFT INC. 16.18 +0.82 +5.34%
UBER UBER TECHNOLOGIES INC. 30.36 +0.34 +1.13%

Coach and Kate Spade-parent Tapestry reported a narrower-than-expected loss and said it will focus on its e-commerce platform as it looks to turn around its sagging business.

Ticker Security Last Change Change %
TPR TAPESTRY INC. 44.12 +0.06 +0.14%

Looking at commodities, gold was up $21.80 at $1,956.70 an ounce while West Texas Intermediate crude oil fell 43 cents at $42.24 per barrel.

As for U.S. Treasurys, the yield on the 10-year note rose to 0.714%, the highest level since June.


European markets were trading lower across the board with Britain’s FTSE down 1.5%, France’s CAC off 0.61% and Germany’s DAX weaker by 0.5%.

In Asia, Japan’s Nikkei climbed 1.78% to a three-month high while China’s Shanghai Composite edged up 0.04% and Hong Kong’s Hang Seng slipped 0.05%.