U.S. Markets Dip on Jobless Claims; Oracle, Intel, Opendoor Stocks Mixed
U.S. markets are set to open with slight losses today, following new jobless claims data. Oracle's stock has taken a hit after a downgrade, while Intel and Opendoor stocks show gains.
The Dow Jones future is down 0.2 percent, the S&P 500 future indicates a 0.4 percent loss, and the Nasdaq-100 future is down 0.6 percent. This follows a decline in weekly jobless claims to 218,000, below the expected 235,000, signaling a robust recovery in the labor market.
Oracle's stock is down 3 percent after Rothschild & Co Redburn downgraded it to 'sell' with a price target of $175.00. The downgrade indicates skepticism about Oracle's cloud and AI forecasts, suggesting concerns that Oracle's cloud earnings may be overvalued. Meanwhile, Intel's stock is moving slightly upwards after reports of potential investment talks with Apple. Opendoor stock is up 5 percent due to Jane Street announcing a 5.9 percent stake in the company.
Starbucks has announced job cuts and plans to close several stores, while Lithium Americas stock is set to gain double digits again in pre-market trading after a 100 percent gain yesterday. The decline in jobless claims may dampen speculation about Fed rate cuts, as markets await further economic indicators.
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