Why The Dow Jones Industrial Average Was Flat Today

How Did the Stock Market Do Today?

Dow Jones: 17,863.43; -4.15; -0.02%

S&P 500: 2,099.93; -2.38; -0.11%

Nasdaq: 5,127.74; -14.74; -0.29%

The Dow Jones Industrial Average today (Thursday) was off four points as the markets prepare for Friday’s unemployment report for the month of October. Markets were slightly weighed down by mixed earnings reports, including dismal quarterly figures from chipmaker Qualcomm Inc. (Nasdaq: QCOM). This morning, the U.S. Department of Labor reported the number of Americans applying for unemployment benefits increased by 16,000 to 276,000. That figure is the highest in two months and was higher than economists had anticipated.

Top Stock Market News Today

• Stock Market News: Five of 10 S&P sectors were in the red today, with basic materials leading the way. Materials and utilities stocks were both off more than 1% on the day. The Nasdaq, which dipped 14 points, was weighed down by two major companies on the index: Qualcomm Inc. (Nasdaq: QCOM) slumped more than 15% after the company reported underwhelming first-quarter profit expectations; meanwhile, Celgene Corp. (Nasdaq: CELG) dipped 5.3% after a weaker than expected quarterly revenue report.
• Oil in Focus: Oil prices slumped on Thursday as concerns about oversupply again rattled trader sentiment. Another week of rising inventories in the United States and expectations that short-term geopolitical concerns in Brazil and Libya will be resolved in the near future pushed prices lower. December WTI oil prices fell nearly 2.4% to hit $45.20 per barrel, while Brent crude prices dipped 1.2% to hit $47.98. On Friday, investors will look out for the weekly rig count provided by Baker Hughes Inc. (NYSE: BHI) to determine if production is on the decline in the United States.
• On Tap Tomorrow: On Friday, investors will be checking back with Money Morning to read into the Labor Department’s announcement on the October jobs report. Economist consensus anticipates the U.S. unemployment rate will remain at 5.1%. That figure will be critical to the U.S. Federal Reserve’s decision in December on whether or not to raise interest rates for the first time in nearly a decade. Companies reporting earnings include Humana Inc.(NYSE: HUM), Ebix Inc. (Nasdaq: EBIX), Cigna Corp. (NYSE: CI), HMS Holdings Corp. (Nasdaq: HMSY), Horizon Pharma Plc. (Nasdaq: HZNP), Seacor Holdings Inc. (NYSE: CKH), TETRA Technologies Inc. (NYSE: TTI).