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April 1, 2021, 4:27 p.m. EDT

S&P 500 hits 4,000 milestone as US. manufacturing index soars to 38-year high

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By William Watts and Sunny Oh

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“The manufacturing economy is humming, fueled by strong consumer demand for a range of goods. Given expectations for the economy to grow at vigorous pace this year, the outlook for the sector remains strong,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors.

On the U.S. labor market front, initial jobless claims jumped 61,000 to 719,000 in the week ended March 27, the U.S. Labor Department reported.

However, some analysts are forecasting that claims and overall employment will fall again soon as the economy speeds up, governments loosen restrictions and companies seek to hire more workers.

The claims numbers came ahead of Friday’s eagerly awaited March jobs report, which could show that the U.S. added a million or more jobs based on some optimistic estimates.

Which companies are in focus?

  • Shares of Micron Technology Inc. /zigman2/quotes/205710729/composite MU -4.58% closed up 4.8% after the Boise, Idaho-based chip maker’s earnings and outlook topped Wall Street estimates .

  • Separately, Micron and  Western Digital Corp.   /zigman2/quotes/204213617/composite WDC -1.84% are each exploring a potential deal for Kioxia Holdings Corp. that could value the Japanese semiconductor company at around $30 billion, The Wall Street Journal reported. Western Digital shares were up 6.9%.

  • Dave & Buster’s Entertainment Inc. /zigman2/quotes/203157296/composite PLAY -0.95% late Wednesday said its fourth quarter was “severely impacted” by the pandemic but swung to a narrower-than-expected quarterly loss and reported sales that came in above expectations. Shares fell 5.4%.

  • Johnson & Johnson Inc. /zigman2/quotes/201724570/composite JNJ -1.96% on Wednesday acknowledged a batch of its COVID-19 vaccine produced by one of its manufacturing partners “did not meet quality standards,” and said it would provide more experts to oversee production. Johnson & Johnson shares finished down 0.9%.

  • Frontier Group Holdings Inc. the parent of low-cost carrier Frontier Airlines, said its initial public offering priced at $19 a share , the low end of a $19 to $21 price range.

  • Residential real-estate brokerage Compass priced its initial public offering at $18, the low end of an already reduced range . Compass had cut its price range to an $18-$19 range from $23 to $26, and cut the number of shares on offer to 25 million from 36 million.

  • Movie chain and meme stock AMC Entertainment Holdings /zigman2/quotes/200235402/composite AMC -2.42% execs said that they would offer 500 million share offering. Shares closed down 8.3% Thursday.

  • Microsoft /zigman2/quotes/207732364/composite MSFT -0.56% rose 2.8% after the company’s multibillion-dollar deal to build customized versions of its HoloLens goggles for the U.S. Army was announced Wednesday.

How are other assets faring?

  • The yield on the 10-year U.S. Treasury note   /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -4.71% , slid 6.9 basis points to 1.680%. Yields and bond prices move in opposite directions.

  • The ICE U.S. Dollar Index  DXY , a measure of the currency against a basket of six major rivals, was off 0.3% at 92.93.

  • Oil futures  /zigman2/quotes/211629951/delayed CL.1 +0.65%  rose $2.29, or 3.9%, to settle at $61.45 a barrel on the New York Mercantile Exchange.

  • Gold futures traded higher. The April contract  GCJ21 climbed $12.80, or nearly 0.8%, to settle at $1,728.40 an ounce, after a 1.8% gain a day ago.

  • In Europe, the Stoxx 600 index  SXXP  rose 0.7%, while London’s FTSE 100  UKX  closed up 0.4%.

  • In Asia, the Shanghai Composite  SHCOMP  advanced 0.7%, Hong Kong’s Hang Seng Index  HSI  rallied 2% and Japan’s Nikkei 225  NIK  closed up 0.7%.

/zigman2/quotes/205710729/composite
US : U.S.: Nasdaq
$ 76.95
-3.69 -4.58%
Volume: 39.88M
June 18, 2021 4:00p
P/E Ratio
27.29
Dividend Yield
N/A
Market Cap
$90.26 billion
Rev. per Employee
$535,875
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/zigman2/quotes/204213617/composite
US : U.S.: Nasdaq
$ 69.47
-1.30 -1.84%
Volume: 4.90M
June 18, 2021 4:00p
P/E Ratio
61.75
Dividend Yield
0.00%
Market Cap
$22.45 billion
Rev. per Employee
$262,320
loading...
/zigman2/quotes/203157296/composite
US : U.S.: Nasdaq
$ 39.67
-0.38 -0.95%
Volume: 1.31M
June 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.02 billion
Rev. per Employee
$51,072
loading...
/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 161.98
-3.24 -1.96%
Volume: 12.99M
June 18, 2021 4:00p
P/E Ratio
28.61
Dividend Yield
2.62%
Market Cap
$433.01 billion
Rev. per Employee
$613,918
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 59.26
-1.47 -2.42%
Volume: 243.65M
June 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$27.69 billion
Rev. per Employee
$43,642
loading...
/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 259.43
-1.47 -0.56%
Volume: 37.20M
June 18, 2021 4:00p
P/E Ratio
35.30
Dividend Yield
0.86%
Market Cap
$1938.48 billion
Rev. per Employee
$877,393
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.44
-0.07 -4.71%
Volume: 0.00
June 18, 2021 4:57p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 71.50
+0.46 +0.65%
Volume: 120,976
June 18, 2021 4:59p
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