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Aug. 11, 2022, 4:45 p.m. EDT

U.S. stocks end mixed as rally tied to cooler inflation data takes breather

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By Isabel Wang and Joseph Adinolfi

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The second quarter earnings season also helped underpin the market. Walt Disney Co.   /zigman2/quotes/203410047/composite DIS +0.65% shares jumped 4.7% Thursday, after the media and entertainment giant posted stronger-than-expected subscriber numbers  for the last quarter, along with earnings and revenue that beat expectations.

With companies representing 91% of S&P 500 market capitalization having reported, sales growth has been 15.1% and earnings growth 7.9% – surprising by plus 3.5% and plus 3.6%, according to Evercore ISI.

However, the latest surge in stocks may have left the market overextended and vulnerable to a pullback. The CBOE Vix index /zigman2/quotes/210598281/delayed VIX -0.09% , an options-based gauge of expected S&P 500 volatility, briefly dipped below its long-run average of 20, suggesting traders may be getting a tad complacent.

In other economic data news, initial jobless benefit claims rose 14,000 to 262,000 in the week ended Aug. 6, as the weekly data continued to show rising numbers of Americans applying for jobless benefits — even as the unemployment rate inched lower last month to 3.5%.

See: U.S. jobless claims move higher, a ‘cool breeze’ over hot labor market

Companies in focus

  • Shares of GSK PLC /zigman2/quotes/209463850/composite GSK -0.09% , Haleon PLC /zigman2/quotes/236012088/delayed UK:HLN +3.68% and Sanofi /zigman2/quotes/206928357/delayed FR:SAN -1.73% tumbled amid controversy surrounding serious side effects caused by the heartburn drug Zantac. Shares of  Pfizer Inc . /zigman2/quotes/202877789/composite PFE +1.49%  fell more than 3%.

  • Six Flags Entertainment Corp. /zigman2/quotes/208050417/composite SIX +2.34% shares fell 18.2% after the theme park operator reported the second-worst performance in its 12-year public history, after a big miss in attendance led to a surprise drop in second-quarter revenue

  • Canada Goose Holdings Inc. /zigman2/quotes/206091526/composite GOOS +3.95% rose 1.8% after the company reported higher than expected revenue , which offset a larger-than-expected loss.

  • Shares of Utz Inc. /zigman2/quotes/201135697/composite UTZ -0.86% declined 3% after the salty snacks maker beat Wall Street’s adjusted net income and revenue targets and raised it fiscal 2022 organic net sales outlook by 2%.

  • Warby Parker /zigman2/quotes/229389137/composite WRBY +2.41% shares gained 19.2% after reporting a narrow-than-expected loss for the second quarter.

How are other assets performed

  • Oil rallied, with West Texas Intermediate crude /zigman2/quotes/209723049/delayed CL00 -0.28% /zigman2/quotes/211629951/delayed CL.1 -0.28% for September delivery up $2.41, or 2.6%, to finish at $94.34 per barrel.

  • The yield on the 10-year Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +1.32%  climbed to 2.886% from 2.786%. Yields and debt prices move opposite each other.

  • The ICE Dollar index /zigman2/quotes/210598269/delayed DXY -0.28% fell 0.1% to 105.11, with gold /zigman2/quotes/210034565/delayed GC00 +0.16% ended marginally lower. Gold futures  expiring in December /zigman2/quotes/210039517/delayed GCZ22 +0.13%  dropped $6.50, or 0.4%, to settle at $1,807.20 per ounce.

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.53% advanced 2.4% to $24,210.

  • Asia markets mostly got a lift from Wall Street’s overnight surge with Hong Kong’s Hang Sang /zigman2/quotes/210598030/delayed HK:HSI +3.38% finishing 2.4% higher, though Japan missed out because of the Mountain Day holiday. Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.07% rose 1.6%.

  • In Europe, the STOXX 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.12% rose 0.1%, while the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.12% ended 0.6% lower.

— Jamie Chisholm contributed to this article.

/zigman2/quotes/203410047/composite
US : U.S.: NYSE
$ 92.75
+0.59 +0.65%
Volume: 3.51M
Dec. 8, 2022 11:47a
P/E Ratio
53.75
Dividend Yield
0.00%
Market Cap
$168.04 billion
Rev. per Employee
$375,364
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/zigman2/quotes/210598281/delayed
US : Cboe Indices
22.66
-0.02 -0.09%
Volume: 0.00
Dec. 8, 2022 10:32a
loading...
/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 36.85
-0.04 -0.09%
Volume: 4.45M
Dec. 8, 2022 11:47a
P/E Ratio
4.54
Dividend Yield
5.42%
Market Cap
$74.08 billion
Rev. per Employee
$486,707
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/zigman2/quotes/236012088/delayed
UK : U.K.: London
£ 316.95
+11.25 +3.68%
Volume: 9.78M
Dec. 8, 2022 4:29p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£27.26 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206928357/delayed
FR : France: Euronext Paris
89.03
-1.57 -1.73%
Volume: 1.01M
Dec. 8, 2022 5:29p
P/E Ratio
16.89
Dividend Yield
3.74%
Market Cap
€114.09 billion
Rev. per Employee
€421,366
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 50.99
+0.75 +1.49%
Volume: 3.80M
Dec. 8, 2022 11:47a
P/E Ratio
9.79
Dividend Yield
3.15%
Market Cap
$282.01 billion
Rev. per Employee
$1.26M
loading...
/zigman2/quotes/208050417/composite
US : U.S.: NYSE
$ 21.42
+0.49 +2.34%
Volume: 474,016
Dec. 8, 2022 11:47a
P/E Ratio
18.74
Dividend Yield
0.00%
Market Cap
$1.74 billion
Rev. per Employee
$708,208
loading...
/zigman2/quotes/206091526/composite
US : U.S.: NYSE
$ 18.60
+0.71 +3.95%
Volume: 255,993
Dec. 8, 2022 11:47a
P/E Ratio
30.47
Dividend Yield
N/A
Market Cap
$1.88 billion
Rev. per Employee
$208,602
loading...
/zigman2/quotes/201135697/composite
US : U.S.: NYSE
$ 18.53
-0.16 -0.86%
Volume: 106,971
Dec. 8, 2022 11:47a
P/E Ratio
N/A
Dividend Yield
1.17%
Market Cap
$2.62 billion
Rev. per Employee
$362,113
loading...
/zigman2/quotes/229389137/composite
US : U.S.: NYSE
$ 16.58
+0.39 +2.41%
Volume: 158,516
Dec. 8, 2022 11:45a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.86 billion
Rev. per Employee
$192,717
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 71.81
-0.20 -0.28%
Volume: 322,286
Dec. 8, 2022 11:37a
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 71.81
-0.20 -0.28%
Volume: 322,286
Dec. 8, 2022 11:37a
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
3.47
+0.05 +1.32%
Volume: 0.00
Dec. 8, 2022 11:46a
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
104.80
-0.30 -0.28%
Volume: 0.00
Dec. 8, 2022 11:37a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,800.80
+2.80 +0.16%
Volume: 90,245
Dec. 8, 2022 11:37a
loading...
/zigman2/quotes/210039517/delayed
US : U.S.: Nymex
$ 1,787.90
+2.40 +0.13%
Volume: 528.00
Dec. 8, 2022 11:11a
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
16,921.38
+88.68 +0.53%
Volume: 0.00
Dec. 8, 2022 11:47a
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,450.23
+635.41 +3.38%
Volume: 2.86M
Dec. 8, 2022 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,197.35
-2.27 -0.07%
Volume: 32.10B
Dec. 8, 2022 3:00p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
435.68
-0.52 -0.12%
Volume: 0.00
Dec. 8, 2022 5:32p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,479.93
-9.26 -0.12%
Volume: 293,716
Dec. 8, 2022 4:32p
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