US stocks mixed as investors weigh strong jobless-claims data against rising global virus cases

  • US stocks were mixed Thursday as investors weighed strong jobless claims data with rising global COVID-19 cases.
  • Initial jobless claims data showed the number of Americans filing for unemployment hit a pandemic-era low last week.
  • Skepticism surrounding global economic growth projections is on the rise as COVID-19 cases surge.
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US stocks were mixed Thursday as investors weighed strong jobless claims data with rising global COVID-19 cases.

Initial jobless claims in the US slid to 547,000 last week, according to the Labor Department. The sum landed below the median estimate of 610,000 claims and marks a new pandemic-era low.

Globally, COVID-19 cases continue to surge after last week saw the highest number of new infections to date during the pandemic. India recorded the highest amount of daily cases by any country during the pandemic on Wednesday and a number of countries in Europe extended lockdown restrictions.

“Mounting skepticism surrounding the credibility of global economic growth projections, due to rising concerns about non-U.S. Covid cases, especially in Europe and Asia, has caused some investors to question the veracity of earnings estimates. This wavering belief, combined with elevated valuations, has begun to weigh on equity prices,” said Sam Stovall, CFRA chief investment strategist.

Here’s where US indexes stood at the 9:30 a.m. ET open on Friday:

Credit Suisse’s first quarter earnings showed a slightly narrower net loss than analysts expected. The bank also announced it’s cutting the hedge fund unit at the center of the Archegos Capital Management losses.

West Texas Intermediate crude rose 0.8%, to $61.81 per barrel. Brent crude, oil’s international benchmark, was up 0.7%, to $65.77 per barrel.

Gold climbed fell 0.4%, to $1,785.90 per ounce.