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Crypto stocks jump after bitcoin crosses $100,000
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American Airlines ( AAL ) up after raising Q4 adjusted earnings
forecast
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SentinelOne ( S ) plunges after missing Q3 profit estimates
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Indexes: Dow down 0.13%, S&P 500 off 0.04%, Nasdaq up
0.05%
(Updates at market open)
By Shashwat Chauhan and Purvi Agarwal
Dec 5 (Reuters) -
Wall Street's main indexes were mostly flat on Thursday
after recording all-time closing highs in the previous session,
though the Nasdaq inched up to an intraday record high ahead of
employment data later this week.
Markets are focused on the crucial monthly jobs report,
which is scheduled for release on Friday.
On the day, data showed the number of Americans filing new
applications for unemployment benefits increased moderately last
week, suggesting that the labor market continued to cool.
"Sentiment is obviously a little restrained. The
question remains if the Fed is going to be able to follow
through with a series of rate cuts given that we've seen a
bounce in inflation and hiring data, et cetera, all improving to
a certain extent," said Michael Green, portfolio manager and
chief strategist at Simplify Asset Management.
At 9:41 a.m. ET, the Dow Jones Industrial Average
fell 60.71 points, or 0.13%, to 44,953.33, the S&P 500
lost 2.20 points, or 0.04%, to 6,084.29 and the Nasdaq Composite
gained 10.66 points, or 0.05%, to 19,745.78.
Most megacap and growth stocks were marginally higher.
However, Tesla outperformed with a 2.5% gain after at
least two brokerages lifted their price target on the electric
vehicle maker's stock.
Cryptocurrency- and blockchain-related stocks jumped after
bitcoin, the world's largest cryptocurrency, stormed
above the $100,000 mark for the first time.
Exchange operator Coinbase Global ( COIN ) rose 4.4%, miner
MARA Holdings ( MARA ) added 6.1% and MicroStrategy ( MSTR ),
the largest corporate holder of bitcoin, advanced 8%.
The S&P 500, the Nasdaq and the Dow
clocked record closing highs on Wednesday as technology shares
rallied after upbeat results from companies including Salesforce ( CRM )
and Marvell Technology ( MRVL ).
U.S. Federal Reserve Chair Jerome Powell appeared to signal
support for a slower pace of interest-rate cuts ahead when he
spoke on Wednesday, saying the economy was stronger at this
point than the central bank had expected in September. San
Francisco Fed President Mary Daly said there was "no sense of
urgency" on reducing borrowing costs further.
Comments from Richmond Fed President Thomas Barkin are due
later in the day.
Southwest Airlines ( LUV ) gained 4.5% as the carrier raised
its forecast for fourth-quarter revenue per available seat
miles, while American Airlines ( AAL ) added 10.6% after lifting
its fourth-quarter adjusted earnings forecast.
Gains in the airlines pushed the Dow Jones Transport
Average Index 0.4% higher.
SentinelOne ( S ) dropped 9% after the cybersecurity firm
missed Wall Street estimates for third-quarter profit.
Synopsys ( SNPS ) fell 6.6% after the chip design software
firm forecast fiscal 2025 revenue below Wall Street
expectations, in part due to a slump in China sales.
Ford was off 2.5% after Wolfe Research downgraded the
automaker's stock to "underperform" from "peer perform".
Advancing issues outnumbered decliners by a 1.06-to-1 ratio
on the NYSE and by a 1.15-to-1 ratio on the Nasdaq.
The S&P 500 posted 23 new 52-week highs and one new low,
while the Nasdaq Composite recorded 68 new highs and 31 new
lows.