US mid-day: Indexes level out as travel shares fly higher
By Joseph Toppe
17:44, 8 December 2021
The major gauges are mixed in mid-day trading on Wednesday as Wall Street slows down following Monday and Tuesday’s big wins.
Halfway through the session, the Dow Jones Industrial Average was down near 85 points, or 0.2%, the S&P 500 was trading around 0.08% lower, while the Nasdaq Composite was 0.2% in the green.
At the close of yesterday’s trading, the Dow Jones Industrial Average was up 494 points, or 1.3%, the S&P 500 was 1.9% higher, or just 1% away from its all-time high, while the Nasdaq Composite led the gauges with a 2.8% pop.
Labour shortage woes continue
Data compiled by the US Bureau of Labor Statistics show the number of job openings increased to 11 million on the last business day of October, while hires were little changed at 6.5 million.
In an interview with Capital.com, Joey Von Nessen, a research economist at the University of South Carolina’s Darla Moore School of Business, said, “The number of job openings remains compiled close to its highest level in two decades.”
“While this is great news for workers and points to one of the best job markets the US has seen in a generation,” he said, adding, “The labour shortage is also likely to extend into 2022 and could be a bottleneck for economic growth next year.”
What is your sentiment on US30?
Vaccine update
On Wednesday, both BioNtech and Pfizer issued a statement showing preliminary laboratory studies demonstrate that three doses of their vaccine will neutralise the Omicron variant.
In the release, Pfizer chair and CEO Albert Bourla said, “Ensuring as many people as possible are fully vaccinated with the first two dose series and a booster remains the best course of action to prevent the spread of Covid-19.”
Shares for Pfizer and BioNtech are down near 0.94% and 3.65%, respectively.
Winners and losers: Travel stocks soar after vaccine announcement
Shares of Delta Air Lines are up nearly 1.97%, American Airlines shares are around 3.55% higher, while shares of United Airlines are surging over 5.39% in the green and Southwest Airlines is 1.92% better.
In other stocks, shares of Stitch Fix sank around 24% after issuing disappointing current-quarter revenue guidance and membership metrics, while shares for Weber’s dipped 4% after it reported a narrower-than-expected loss for its latest quarter.
Oil: Crude prices are up
Oil futures are up on Wednesday despite Omicron concerns in the global supply chain.
West Texas Intermediate crude for January delivery went up 40 cents, or 0.6%, to trade at $72.45 a barrel on the New York Mercantile Exchange, after trading as low as $70.91.
February Brent crude, the global benchmark, was up 32 cents, or 0.4%, to reach $75.76 a barrel on ICE Futures Europe, after rising 3.2% on Tuesday for a fourth straight gain.
Gold: Precious metal makes small gain, silver stays down
Gold futures are 0.2% higher on Wednesday after trading lower earlier in the day.
The contract traded as high as $1,794.30 in Wednesday dealings, the highest intraday level for a most-active contract since 1 December.
March silver traded 6.8 cents, or 0.3%, lower at $22.455 an ounce, after rising 1.2% on Tuesday.
Forex: Canadian dollar gains ground on US buck
On Wednesday, one US dollar equals 0.92 of the Swiss franc, 0.88 of the euro, and 1.26 of the Canadian dollar.
In the bond market, the yield on 10-year Treasury notes rose to 1.520% Wednesday from 1.479% Tuesday.
Read more: NVIDIA stock 5-year forecast: Is there room for further growth?
Markets in this article