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Dec. 9, 2021, 4:39 p.m. EST

US stocks fall as nervous market awaits Friday’s inflation data and anticipates Fed’s response

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By Thornton McEnery and Mark DeCambre

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Which companies were in focus?

  • Shares of Altice USA Inc.   ATUS  took a 5.3% dive in midday trading Thursday toward a 3-year low, and the second-lowest close since going public in June 2017, after longtime bullish analyst Philip Cusick at J.P. Morgan downgraded the telecommunications company. 

  • Brazilian digital bank Nu Holdings /zigman2/quotes/231028167/composite NU -12.01% priced its initial public offering on the New York Stock Exchange at $9 per share, valuing the Warren Buffett-backed lender at more than $41 billion. “This will mark one of the biggest publicly listed fintech companies in the world and provide a glimpse into the feasibility of running a large digital only bank,” said analysts at Saxo Bank. The stock closed down 8.2%.

  • After reporting a widening loss per share despite almost 30% sales growth on Wednesday afternoon, shares in mega-meme stock GameStop /zigman2/quotes/203755179/composite GME -3.56% closed down more than 10% on Thursday despite social media chatter that the videogame retailers loyal army of retail investors would be buying into the post-earnings dip.

  • Another high-profile new listing, HashiCorp /zigman2/quotes/231028144/composite HCP -4.33% , priced its IPO at $80, valuing the cloud-based software provider at $14 billion. Shares closed up 6.5% on Thursday midday.

  • Hormel Foods CorpHRL  shares rose 4.7% on Thursday after the food company reported fiscal fourth-quarter sales that beat the Street and reached a record. 

How did other assets fare?

  • The yield on the 10-year Treasury note TMUBMUSD10Y fell to around 1.497%, from 1.508% Wednesday. Treasury yields and prices move in opposite directions.

  • The ICE U.S. Dollar Index DXY , a measure of the currency against a half-dozen other monetary units, was up 0.4% at 96.23.

  • In oil futures, West Texas Intermediate crude  CL00  for January delivery  CLF22 ell $1.42, or 2%, to settle at $70.94 on the New York Mercantile Exchange.

  • Gold futures GC00 for February delivery  GCG22 declined by $8.80, or 0.5%, to settle at $1,776.70 an ounce

  • The Stoxx Europe 600 Index SXXP closed less than 0.1% lower, while London’s FTSE 100 Index UKX slipped 0.2% on the session.

  • In Asia, the Shanghai Composite Index SHCOMP closed 1% higher, while the Hang Seng Index HSI rose 1.1% in Hong Kong and China’s CSI 300 000300 advanced 1.7%. Japan’s Nikkei 225 Index /zigman2/quotes/210597971/delayed JP:NIK +1.27% , however, closed down 0.5%.

Additional reporting by Steve Goldstein.

/zigman2/quotes/231028167/composite
US : U.S.: NYSE
$ 3.81
-0.52 -12.01%
Volume: 73.25M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$17.67 billion
Rev. per Employee
$228,024
loading...
/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 95.66
-3.53 -3.56%
Volume: 2.49M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$7.30 billion
Rev. per Employee
$500,892
loading...
/zigman2/quotes/231028144/composite
US : U.S.: Nasdaq
$ 34.04
-1.54 -4.33%
Volume: 1.05M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.24 billion
Rev. per Employee
$173,389
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
loading...

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