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Nasdaq reverses as tech slips, Ford hits $100B milestone

US stocks turned mixed as technology shares tumbled to the backseat of cyclical names and as investors digested a jump in producer prices and rising unemployment claims.

The Nasdaq Composite is down 0.4%, while the S&P 500 pares its gains. With that said, the Dow Jones Industrial Average added more than 200 points, or 0.6%.

ribbon protection the last change % changes
Me: DJI Dow Jones averages 36503.2 +212.88 + 0.59%
SP500 Standard & Poor’s 500 4725.84 -0.51 -0.01%
I: COMP Nasdaq Composite Index 15106.773966 -81.62 -0.54%

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The producer price index for December jumped by a record 9.7%, while prices rose on a monthly basis by 0.2%, less than expected. After accounting for volatile food and energy costs, core producer prices rose 0.5% in December, just below November’s 0.7% gain. YoY core PPI rose 8.3% in December.

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

Inflation up 7% in December, highest rate in 40 years

New claims for unemployment benefits unexpectedly rose by 230K last week and above a 52-year low of 188K reported in the first week of December. Continuing claims, which track the total number of unemployed people collecting benefits, fell to 1.55 million.

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In stocks, Ford rose to a new milestone of over $100 billion in market capitalization, compared to General Motors’ $91 billion.

ribbon protection the last change % changes
F Ford Motor Company. 25.85 +1.38 + 5.62%
GM General Motors Corporation 63.18 +2.13 +3.49%

Boeing prices rose helping to support the Dow, after Bloomberg reported that it would soon resume sales in China of the 737 Max.

ribbon protection the last change % changes
Bachelor of Boeing Company 226.79 +9.18 + 4.22%

Delta Airlines also climbed after CEO Ed Bastian indicated a recovery by the middle of the first quarter after the airline posted a $408 million loss linked to the coronavirus disruptions. 8,000 of its employees have tested positive for the virus. United Airlines has also revealed that 3,000 of its employees have been infected, leading to flight cancellations.

Taiwan Semiconductor is the winner after it posted record quarterly earnings and forecast revenue of $17 billion, higher than the same period last year.

ribbon protection the last change % changes
TSM Taiwan Semiconductor Manufacturing Co., Ltd. 141.78 +9.27 + 7.00%
ribbon protection the last change % changes
From Delta Airlines Limited 42.24 +1.62 + 3.99%
UAL United Airlines Holdings 49.15 +2.61 + 5.61%

Richard Branson’s Virgin Orbit launched a satellite launch later this afternoon, while Virgin Galactic floated a $425 million bid.

ribbon protection the last change % changes
Speech Next acquisition II 10.41 +0.45 + 4.54%
SPCE Virgin Galactic Holdings Inc. 10.30 -2.07 -16.75%

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Vaccine makers continue to report on developments with Moderna revealing that it will release data to treat children 2 to 5 years old by March.

ribbon protection the last change % changes
mRNA MODERNA . Company 214.57 -8.32 -3.73%

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

ribbon protection the last change % changes
use United States Petroleum Fund LP 59.03 +0.12 + 0.20%

Cryptocurrencies have seen more downward pressure with Bitcoin pulling back.

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

In Asia, Tokyo’s Nikkei 225 is down 1%, Hong Kong’s Hang Seng is up 0.1%, and China’s Shanghai Composite is down 1.2%.

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

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