- Reuters/Laszlo Balogh
Stocks seesawed in trading on Thursday, selling off in early trading before regaining ground and ultimately closing little changed ahead of Friday’s jobs report.
First, the scoreboard:
Dow:18,380.71, -20.17, (-0.11%) S&P 500: 2,165.88, -5.07, (-0.23%) Nasdaq: 5,215.33, +2.11, (0.04%) WTI crude oil: -$1.54, 3.5%, $43.16
Ford says US auto sales have peaked. All the so-called Big Three missed analysts’ expectations for August sales. Only Fiat Chrysler reported a positive month, while Ford and GM posted declines. Ford said it no longer sees the pent-up demand experienced after the financial crisis, and that has led to the peak. Overall, sales rose at a seasonally adjusted annual rate of 16.98 million, missing expectations, according to Autodata. Hewlett Packard Enterprise is in talks with buyout firm Thoma Bravo to sell its software division, according to Reuters. The company is hoping it can earn between $8 billion and $10 billion, the report said, citing people familiar with the matter. HPE CEO Meg Whitman wants to refocus the company’s strategy on technology services following its separation last year from computer and printer maker HP. Campbell Soup reported a smaller-than-expected profit due to a product recall, higher costs, and lower carrot sales. “The performance of ourCampbellFresh business, driven predominantly by execution issues, is disappointing,” said CEO Denise Morrison. “I am not pleased with the results of our fourth quarter.” Manufacturing slumped back into contraction in August, according to the Institute of Supply Management. The purchasing manager’s index was 49.4, missing the forecast for 52. A plunge in new orders led declines among all the measures that make up the index. Production, order backlogs, and employment also shrank. Initial jobless claims rose by 2,000 to 263,000 last week, according to the Labor Department. Claims for unemployment insurance have not totaled more than 300,000 for the longest period since 1970.