- US stocks edged lower on Thursday as investors digested mixed bank earnings and a rise in jobless claims.
- Goldman Sachs, Citigroup, and Morgan Stanley beat Q1 earnings estimates, while Wells Fargo missed.
- Meanwhile, jobless claims jumped 18,000 to 185,000 last week after falling to a 54-year low.
US stocks were slightly higher on Thursday as investors digested a slew of bank earnings and a rise in weekly jobless claims.
Goldman Sachs, Morgan Stanley, and Citigroup all reported first-quarter earnings results that beat analyst estimates, as a strong consumer and profitable trading divisions was enough to outweigh a near-halt in underwriting activity for IPOs.
Wells Fargo’s first-quarter earnings results missed analyst estimates as non-interest revenue plunged 28% from the prior quarter.
Meanwhile, jobless claims jumped 18,000 to 185,000 last week after falling to a 54-year low in the prior week. All-in, the low jobless claims still points to a tight labor market as demand for workers outstrips supply.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:
Elon Musk made waves on Thursday after he delivered a hostile takeover proposal to Twitter. Musk offered $54.20 per share for all of Twitter’s outstanding shares, representing a value of more than $40 billion and a premium of 18% from Wednesday’s close.
While Twitter’s board of directors reviews the offer, Wedbush analyst Dan Ives thinks a deal will ultimately get done in a “soap opera” fashion.
Holders of Russian dollar bonds have said they cannot accept rubles, in the latest sign the government is headed for a default. Russia last week transferred rubles to make bond payments, after the US Treasury blocked its attempts to pay in dollars.
Bitcoin fell 0.36% to $41,188. Ether prices fell 0.94% to $3,089.
Gold fell as much as 0.27% to $1,979.40 per ounce. The yield on the 10-year Treasury added three basis points to 2.73%.