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S&P 500 rebounds on tech boost; weekly jobless claims rise

12/08/2022 | 12:22pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.)


Weekly jobless claims rise in line with estimates


Moderna up as FDA authorizes updated COVID boosters


Indexes up: Dow 0.67%, S&P 0.77%, Nasdaq 1.17%

Dec 8 (Reuters) - The S&P 500 index gained ground on Thursday, boosted by technology shares, while a rise in weekly jobless claims suggested the labor market was slowing down.

Wall Street's main indexes have come under pressure in recent days, with the benchmark shedding 3.6% in the past five sessions on expectations of a longer rate-hike cycle and downbeat views on the economy from some top company executives.

However, investors drew some comfort on Thursday after data


the number of Americans filing claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high toward the end of November.

The report follows data last Friday that showed U.S. employers hired more workers than expected in November and increased wages, spurring fears that the Fed might stick to its aggressive stance as it attempts to tame decades-high inflation.

"Markets are looking like they've got a little window here for a relief rally before next week's CPI data, since we were oversold here," said Dennis Dick, a market structure analyst and trader at Triple D Trading.

"You're just starting to see a few people coming in buying the dip."

The producer price index and the University of Michigan's consumer sentiment survey on Friday and November's consumer price data next week will also be in focus ahead of Fed's policy decision on Dec. 14.

Investors see a 93% chance that the U.S. central bank will hike the key benchmark rate by 50 basis points to 4.25-4.50%, with the rates peaking in May 2023 at 4.92%.

The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s.

This aggressive approach has stoked worries of a recession, with top executives of major U.S. financial institutions including JPMorgan, BlackRock and Citi forecasting a likely economic downturn in 2023.

Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days.

At 11:53 a.m. ET, the Dow Jones Industrial Average was up 223.74 points, or 0.67%, at 33,821.66, the S&P 500 was up 30.32 points, or 0.77%, at 3,964.24, and the Nasdaq Composite was up 127.83 points, or 1.17%, at 11,086.38.

Ten of the 11 major S&P 500 sector indexes rose, led by 1.6% gain in technology stocks.

Energy stocks rose 0.2% as oil prices climbed following the easing of anti-COVID measures in China and delay in some tankers carrying Russian oil.

Most mega-cap technology and growth stocks such as Apple Inc, Nvidia Corp and Amazon.com rose between 1.3% and 4%.

Moderna Inc soared 4% after the U.S. Food and Drug Administration authorized COVID-19 shots from the vaccine maker that target both the original coronavirus and Omicron sub-variants for use in children as young as six months of age

Rent the Runway Inc jumped 52.6% after the clothing rental firm raised its 2022 revenue forecast

Advancing issues outnumbered decliners by a 2.36-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.91-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and two new lows, while the Nasdaq recorded 60 new highs and 165 new lows. (Reporting by Shubham Batra, Ankika Biswas, Johann M Cherian in Bengaluru; Editing by Vinay Dwivedi, Sriraj Kalluvila and Anil D'Silva)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 3.04% 102.24 Delayed Quote.21.71%
APPLE INC. 1.37% 145.93 Delayed Quote.12.31%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7103 Delayed Quote.4.40%
BLACKROCK, INC. 0.04% 759.18 Delayed Quote.7.09%
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7507 Delayed Quote.1.73%
DOW JONES INDUSTRIAL 0.08% 33978.08 Real-time Quote.2.51%
EURO / US DOLLAR (EUR/USD) 0.01% 1.0866 Delayed Quote.1.78%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
MODERNA, INC. -2.01% 189.35 Delayed Quote.7.58%
NASDAQ COMPOSITE 0.95% 11621.71 Real-time Quote.11.04%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.6492 Delayed Quote.2.23%
NVIDIA CORPORATION 2.84% 203.65 Delayed Quote.39.35%
RENT THE RUNWAY, INC. 6.41% 4.15 Delayed Quote.36.07%
WTI 0.00% 79.45 Delayed Quote.0.75%
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Financials (USD)
Sales 2023 295 M - -
Net income 2023 -146 M - -
Net Debt 2023 144 M - -
P/E ratio 2023 -1,83x
Yield 2023 -
Capitalization 270 M 270 M -
EV / Sales 2023 1,40x
EV / Sales 2024 1,36x
Nbr of Employees 1 027
Free-Float 89,5%
Duration : Period :
Rent the Runway, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends RENT THE RUNWAY, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 4,15 $
Average target price 5,85 $
Spread / Average Target 41,0%
EPS Revisions
Managers and Directors
Jennifer Y. Hyman Chairman & Chief Executive Officer
Anushka Salinas Chief Revenue Officer
Scarlett Brillet O'Sullivan Chief Financial Officer
Larry Steinberg Chief Technology Officer
Sarah Tam Senior VP-Merchandising & Planning
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