12:07 PM EDT, 10/03/2024 (MT Newswires) -- Wall Street's major market averages were mixed on Thursday as traders assessed higher-than-expected weekly initial jobless claims and surging oil prices driven by escalating tensions in the Middle East.

US initial jobless claims increased to 225,000 in the week ended Sept. 28 from an upwardly revised 219,000 level in the previous week, compared with expectations for a smaller increase to 221,000 in a survey of analysts compiled by Bloomberg as of 7:40 am ET.

The Institute for Supply Management's US services index climbed to a reading of 54.9 in September from 51.5 in August, compared with expectations for a smaller increase to 51.7 in a survey compiled by Bloomberg as of 7:40 am ET.

In corporate news, Levi Strauss (LEVI) shares were down 7.5% in recent Thursday trading after the company overnight reported fiscal Q3 net revenue that missed the average analyst estimate compiled by Capital IQ and announced it has begun a formal review of strategic alternatives for its Dockers brand, including a potential sale.

Tesla's (TSLA) most affordable Model 3 variant, the Standard Range Rear-Wheel Drive, is no longer available for order in the US, the company's website showed. The Model 3 Standard Range Rear-Wheel Drive uses lithium iron phosphate battery cells from China, Reuters reported. The Model 3 Long Range Rear-Wheel Drive is now the entry-level option in the US, starting at $42,490, according to the report. The company didn't immediately respond to a request for comment from MT Newswires. Tesla shares were down 2% in recent Thursday trading.

Hims & Hers Health ( HIMS ) shares slid almost 11% in recent Thursday trading, a day after the US Food and Drug Administration said that a shortage of tirzepatide injection medication has been resolved. The FDA said the weight-loss drug has been in short supply since 2022 due to increased demand. Hims & Hers and other generic drug makers are allowed to sell versions of FDA-approved drugs when they are in shortage. With the shortage ending, that permission lapses, leaving the field to GLP-1 drug makers such as Novo Nordisk ( NVO ) and Eli Lilly ( LLY ) .

Berkshire Hathaway (BRK.A, BRK.B) has sold additional common shares of Bank of America ( BAC ) in three transactions this week, according to a Wednesday filing. The filing showed that Berkshire Hathaway sold about 5 million common shares of Bank of America ( BAC ) at $39.61 apiece on Monday, 1.8 million shares at $39.40 apiece on Tuesday, and 1.7 million shares at $39.40 apiece on Wednesday. Following the transactions, Berkshire Hathaway owns about 794.1 million common shares of Bank of America ( BAC ), according to the filing.

Price: 19.51, Change: -1.55, Percent Change: -7.36