U.S. stock market declines at the start of trading.
American stock indices are falling during trading on Thursday, despite solid statistics on the U.S. labor market.
Standard & Poor’s 500 dropped 32.34 points (0.77%) to 4175.88 points.The Nasdaq Composite lost 173.14 points (1.26%) to 13583.19 points.
Because the number of Americans applying for unemployment benefits for the first time fell by 20,000 last week to 385,000, it is the lowest value since the start of the COVID-19 pandemic.
According to the revised data, a week earlier, the number of requests was 405 thousand, and not 406 thousand, as previously reported. As a result, analysts expected the number of applications to drop to 390,000, according to data from Trading Economics.
According to data from Automatic Data Processing (ADP), the number of jobs in the private sector of the U.S. economy in May increased by 978 thousand, according to data from Automatic Data Processing (ADP). Analysts predicted an increase of 650 thousand.
U.S. labor productivity rose 5.4% in the first quarter of 2021, final figures from the country’s Labor Department show. The dynamics of labor productivity coincided with the preliminary estimate. Experts expected it to rise to 5.5%.According to the final data, the labor cost in the United States in January-March increased by 1.7%. However, preliminary data showed its decline of 0.3%. Analysts, on average, had expected a 0.4% drop in labor costs.
U.S. economic activity grew at a moderate pace from early April to late May, slightly faster than earlier this year, according to a regional survey released Wednesday by the Federal Reserve, dubbed the Beige Book by the color of the cover. ).
Respondents in several of the country’s twelve counties noted the positive economic impact of COVID-19 vaccination and social distancing mitigation measures while noting the adverse effects of supply chain disruptions.AMC Entertainment Holdings Inc. fell 26.1% on Thursday after the cinema chain announced an additional issue of 11.55 million shares. A day earlier, the stock jumped 95.2% after AMC CEO Adam Aron said retail traders investing in the company could get free popcorn when they first visit one of the chain’s cinemas this summer.
Meanwhile, the shares of another famous company among retail investors – BlackBerry Ltd. – rise in price by 15.3%.
Express Inc. fell 21.7%, although the company’s adjusted loss in the last quarter was $ 0.55 per share against the expected $ 0.58 per share.
Exxon Mobil Corp. grows in price by 0.3%. In addition, another hedge fund candidate, Engine No. 1 – Alexander Karsner – was elected to the company’s board of directors, according to updated preliminary voting results held last week.
