A number of major chip and hardware makers were strongly in the green Thursday. NXP semiconductors (NXPI) – Get the report increased by 5%, Skyworks (SWKS) – Get the report added 4.5%, Microchip technology (MCHP) – Get the report tacked on 4.2% and Advanced Micro Devices (AMD) – Get the report et ASML Holding (ASML) – Get the report both grew 3.5%.Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi “have made a lot of progress in many areas” during talks they held on Wednesday. Pelosi, however, said Thursday that she was skeptical about the possibility of reaching a deal.“It’s not half a loaf. What they are offering is the heel of the bread, ”Pelosi told Bloomberg TV. “There is no point in entering into a negotiation by simply saying that you will take the path of least resistance.”
Weekly jobless claims in the United States stood at 837,000, slightly lower than economists’ forecasts. However, the number of Americans claiming unemployment benefits for the first time remained stable for a fifth straight week, a sign that the summer labor market rebound spurred by reopening of businesses may start to fade.
The official US employment report for September will be released on Friday.
Manufacturing in the United States in September grew less than expected. The Institute for Supply Management’s national factory activity index fell to 55.4 in September from 56 in August.
American Airlines (AAL) – Get the report said he would start laying off 19,000 employees and United Airlines (UAL) – Get the report will lay off 13,000 workers after the expiration of federal aid to industry. Airlines have said, however, that they will reverse the cuts if the U.S. government provides the funds the industry needs over the next few days.
Stocks rose on Wednesday but in September they posted their first monthly losses since March. They ended the third quarter up. The Dow Jones is up 7.6%, the S&P 500 8.5% and the Nasdaq has jumped 11% in the past three months.
PepsiCo (DYNAMISM) – Get the report reported stronger-than-expected third quarter profit and forecast strong full-year profit as snack sales during the pandemic continued to track revenue growth. The stock finished 1.6% higher to $ 140.80.
PepsiCo is a stake in Jim Cramer Action Alerts PLUS Members Club. Want to be alerted before Jim Cramer buys or sells PEP? Find out more now.