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Stocks were mixed on more signs the U.S. economy is recovering after third-quarter GDP bounced back by 33.1% and jobless continued to drop. A rally could help ease the heavy losses seen on Wednesday.
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STOCK FUTURES MIXED
|I:DJI||DOW JONES AVERAGES||26519.95||-943.24||-3.43%|
|I:COMP||NASDAQ COMPOSITE INDEX||11004.868219||-426.48||-3.73%|
Dow Jones futures fell 2 points, while the S&P 500 rose 0.2% and the tech-heavy NASDAQ Composite gained 0.5%. European indices also rebounded on Thursday, as the STOXX 600 rose 0.1% and the German DAX climbed 0.5%.
HOW MAY RECORD GDP IMPACT 2020 ELECTION
Third-quarter GDP rebounded by a record 33.1% following a record second-quarter decline brought on by the coronavirus pandemic. Initial jobless claims data for the week ending Oct. 24 fell to 751,000 while continuing claims held at 7.7 million. Though improving, unemployment levels remain elevated.
MARVELL-INPHI $40B CHIP MERGER
In M&A news, Marvell Technology announced its intention to acquire Inphi for $10 billion to create a semiconductor giant worth $40 billion in market value, sending those shares soaring. This is the second blockbuster chip deal this week after AMD and Xilinx's $35 billion tie-up.
|MRVL||MARVELL TECHNOLOGY GROUP LTD.||39.53||-1.94||-4.68%|
Separately, LVMH and Tiffany & Co. said in a statement the two companies had agreed upon a lower price for Tiffany shares, with LVMH buying Tiffany at $131.50 a share, down from the initial offer of $135 per share.
|TIF||TIFFANY & CO||129.95||+1.07||+0.83%|
COVID-19 FEARS GRIP SENTIMENT
Dealmaking is helping sentiment after the Dow fell 942 points, a decline of 3.4%, as COVID-19 fears gripped investors across the globe as Germany and France announced new lockdown measures.
The U.S., in particular, continues to struggle with COVID-19, as the total number of cases in the country topped 8.8 million on Wednesday, according to data from Johns Hopkins University, resulting in at least 227,000 deaths.
DOW DROPS 942 POINTS, AS S&P, NASDAQ TURN NEGATIVE FOR OCTOBER
Boeing said it would cut an additional 7,000 jobs after it announced its fourth straight quarterly loss as the pandemic continues to hurt business.
EARNINGS, EARNINGS, EARNINGS
Traders will get a look at the latest results from four of the largest companies in the S&P 500, when Apple Inc., Amazon.com Inc., Alphabet Corp. and Facebook Inc. report their latest quarterly earnings after the close of trading.
Comcast Corp. and e-commerce company Shopify were higher by 4% and 3%, respectively, after both reported better-than-expected results.
Anheuser Busch Inbev NV shares also gained after reporting its quarterly results.
Approximately 40% of the companies in the S&P 500 have reported calendar third-quarter results, with more than 80% of them beating top- and bottom-line expectations.
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Commodities continued to tank, with oil sinking 5% to below $36 a barrel, while gold fell 0.8% to $1,863.90 an ounce.
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