After tumbling to its lowest closing level in almost two months in the previous session, the Dow has shown a strong move back to the upside in morning trading on Thursday. The S&P 500 has also moved higher on the day, while the Nasdaq has shown a lack of direction.
Currently, the major averages are turning in a mixed performance. The Nasdaq is down 62.31 points or 0.4 percent at 15,191.74, but the Dow is up 315.65 points or 0.9 percent at 34,337.69 and the S&P 500 is up 20.39 points or 0.5 percent at 4,533.43.
The notable rebound by the Dow is partly due to a strong gain by shares of Boeing (BA), with the aerospace giant jumping by 2.5 percent.
Boeing has moved higher after a report from Bloomberg said the new owners of Jet Airways India Ltd. are in talks with Boeing and Airbus to purchase at least 100 narrowbody jets for the once-bankrupt carrier’s fleet.
Dow components American Express (AXP) and Visa (V) are also posting standout gains, with the credit card giants surging up by 3 percent and 2.8 percent, respectively.
On the other hand, weakness among technology stocks is weighing on the tech-heavy Nasdaq, which has fallen to its lowest intraday level in well over a month.
The weakness in the tech sector comes after another report from Bloomberg said Apple (AAPL) told some of its parts suppliers that demand for iPhone 13 has slowed.
The report has contributed to considerable weakness among semiconductor stocks, resulting in a 1.7 percent drop by the Philadelphia Semiconductor Index.
Meanwhile, Airline stocks have shown a substantial rebound in morning trading, with the NYSE Arca Airline Index soaring by 3 percent after plummeting to its lowest closing level in a year in the previous session.
Significant strength has also emerged among steel stocks, as reflected by the 2.8 percent jump by the NYSE Arca Steel Index. The index is bouncing off a nine-month closing low.
Housing stocks have also shown a strong move to the upside on the day, driving the Philadelphia Housing Sector Index up by 2.2 percent.
Banking, oil and telecom stocks are also seeing considerable strength, while gold stocks are moving lower along with the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan’s Nikkei 225 Index fell by 0.7 percent, while Hong Kong’s Hang Seng Index rose by 0.6 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has plunged by 1.6 percent, the French CAC 40 Index is down by 1.2 percent and the U.K.’s FTSE 100 Index is down by 0.7 percent.
In the bond market, treasuries have shown a lack of direction over the course of the morning. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.432 percent.
Business News
Dow Showing Significant Rebound Off Nearly Two-Month Closing Low
2021-12-02 15:48:21
