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Nasdaq reverses as technology falls, Ford reaches a $ 100 billion milestone




US stocks were mixed as technology stocks took a backseat to cyclical names and as investors digested a jump in producer prices and higher demands for unemployment.

The Nasdaq Composite decreased by 0.4%, while the S&P 500 reduced the gains. However, the Dow Jones Industrial Average rose above 200 points or 0.6%.

Ticker Safety Last Change Change%
Me: DJI DOW JONES AVERAGE 36495,35 +205.03 +0.56%
SP500 S&P 500 4724.73 -1[ads1].62 -0.03%
I: COMP NASDAQ COMPOSITE INDEX 15100.45328 -87.94 -0.58%

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The producer price index for December rose by 9.7%, a record, while prices rose month-on-month by 0.2%, less than expected. Taking volatile food and energy costs into account, core producer prices rose by 0.5% in December, slightly below the 0.7% increase in November. The year-over-year appearance of the core PPI rose 8.3% in December.

On Wednesday, consumer prices rose by 7% the most since 1982.

INFLATION INCREASES 7% IN DECEMBER, MAXIMUM IN 40 YEARS

New claims for unemployment benefits increased unexpectedly by 230,000 last week and above the 52-year low of 188,000 reported in the first week of December. Continued claims, which track the total number of unemployed workers collecting benefits, fell to 1.55 million.

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In equities, Ford rose to a new milestone that topped $ 100 billion in market value, compared to General Motors’ $ 91 billion.

Ticker Safety Last Change Change%
F FORD MOTOR CO. 25.85 +1.38 +5.62%
GM GENERAL MOTORS CO. 63.18 +2.13 +3.49%

Boeing stepped up and helped support the Dow, after Bloomberg reported that it will soon resume sales in China for the 737 Max.

Ticker Safety Last Change Change%
BA BOEING CO. 226.79 +9.18 +4.22%

Delta Airlines also rose after CEO Ed Bastian signaled an improvement in the middle of the first quarter after the airline had a loss of $ 408 million related to COVID disruptions. 8,000 of his employees have tested positive for the virus. United Airlines also revealed that 3,000 of its employees were infected, which resulted in cancellations of flights.

Taiwan Semiconductor is a winner after posting record quarterly profits and forecasting revenues of as much as $ 17 billion, higher than the same period a year ago.

Ticker Safety Last Change Change%
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. 141.78 +9.27 +7.00%
Ticker Safety Last Change Change%
FROM DELTA AIR LINES INC. 42.24 +1.62 +3.99%
UAL UNITED AIRLINES HOLDINGS INC. 49.15 +2.61 +5.61%

Richard Branson’s Virgin Orbit has a satellite launch later this afternoon, while Virgin Galactic rolled out a $ 425 million bond offering.

Ticker Safety Last Change Change%
speech NEXTGEN ACQUISITION II 10.41 +0.45 +4.54%
SPCE VIRGIN GALACTIC HOLDINGS INC. 10.30 -2.07 -16,75%

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Vaccine manufacturers continue to report the development, and Moderna reveals that it will release data for the treatment of children aged 2 to 5 years by March.

Ticker Safety Last Change Change%
MRNA MODERNA INC. 213.81 -9.08 -4.07%

In commodities, oil fell to $ 81 a barrel level.

Ticker Safety Last Change Change%
USE UNITED STATES OIL FUND LP 59.00 +0.09 +0.15%

Cryptocurrencies saw more downward pressure with Bitcoin falling.

In Europe, London’s FTSE fell 0.2%, Germany’s DAX fell 0.2% and France’s CAC fell 0.5%.

In Asia, Tokyo’s Nikkei 225 index fell 1%, Hang Seng in Hong Kong rose 0.1% higher, while China’s Shanghai Composite fell 1.2%.

FOX Business’ Ken Martin and The Associated Press contributed to this report.



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