Stock Markets
US stocks slightly lower after Christmas holiday
Investing.com– U.S. stocks were slightly lower on Thursday, though trading volumes were thin a day after the Christmas holiday.
At of 12:58 ET (17:58 GMT), the fell 0.10%, the was down 0.1%, while the declined 0.01% or 6 points.
Jobless claims in U.S. dip to one-month low
The weekly U.S. jobless claims data released before the market opened on Thursday and saw a one-month low dip.
The Labor Department reported a decrease of 1,000 in initial applications for state unemployment benefits, bringing the seasonally adjusted figure to 219,000 for the week that ended on December 21. This figure is lower than the 224,000 claims that economists had predicted for the same week.
Meanwhile, the number of individuals receiving benefits after their first week of aid, which serves as an indication of hiring, increased by 46,000. This brought the seasonally adjusted total to 1.910 million for the week that ended on December 14, the highest since November 2021. Economists had previously anticipated the number of these continued claims to be 1.880 million.
“We do not think that this week’s data will move the needle for any of them, but more prints in line with the tone of this week’s data may motivate the doves on the Committee to speak up,” Jefferies said in a recent note.
Tech stocks flat despite Apple upgrade
The major tech giants were mostly down after the markets opened, with Apple marginally higher despite an upgrade from tech-bull Wedbush.
Apple Inc (NASDAQ:) gained 0.2% affter Wedbush raised its price target on Apple to $325 from $300 banking on transformative AI-driven iPhone upgrade cycle poised to fuel growth into 2025.
“We believe Apple is heading into a multi-year AI driven iPhone upgrade cycle that is still being underestimated by the Street,” Wedbush said in a recent note.
Crypto-related stocks slip as bitcoin skids, but KULR Technology surges on BTC purchase
Crypto-related stocks including MicroStrategy Incorporated (NASDAQ:), Coinbase Global Inc (NASDAQ:), and Riot Platforms (NASDAQ:) followed bitcoin lower as the most valuable cryptocurrency fell more than 2%.
KULR Technology jumped 30% after the space technology company bought about 217 bitcoin and detailed plans to allocate up to 90% of its excess cash to bitcoin.
(Reuters) – An advanced U.S. military anti-missile system was used in Israel to try to intercept a projectile for the first time since President Joe Biden placed the system in Israel in October, a source familiar with the matter told Reuters on Friday.
The THAAD, or Terminal High Altitude Area Defense system, was used to try to intercept a projectile from Yemen sometime during the last 24 hours, and an analysis would determine its success, said the source who spoke on condition of anonymity.
The Pentagon did not immediately respond to a request for comment.
Israel struck multiple targets linked to the Iran-aligned Houthi movement in Yemen on Thursday, including Sanaa International Airport, and Houthi media said at least six people were killed.
Houthis have repeatedly fired drones and missiles towards Israel in what they describe as acts of solidarity with Palestinians in the Gaza Strip.
In October, Biden placed the THAAD system, built by Lockheed Martin (NYSE:), in Israel along with about 100 U.S. soldiers to help defend the country.
THAAD is a critical part of the U.S. military’s layered air defense systems and added to Israel’s already formidable anti-missile defenses.
(Reuters) – A bipartisan Senate Intelligence Committee report published on Friday criticized the CIA’s response to so-called Havana syndrome health problems among its workforce, saying many individuals “faced obstacles to timely and sufficient care.”
A declassified summary of the panel’s classified report also said the spy agency’s response “negatively affected” those who reported symptoms, leading to a “trust deficit” among some personnel.
While the CIA provided benefits and compensation to many of those reporting symptoms, the report said, the ease of accessing those programs has been inconsistent, affecting how the agency has been organized to deal with the matter.
Following these transactions, Saba Capital now holds 4,057,625 shares of Pioneer Municipal High Income Fund, reflecting its continued confidence in the fund’s performance. The fund currently offers a 4.53% dividend yield and maintains a conservative beta of 0.67, indicating lower volatility compared to the broader market. This move underscores Saba Capital’s strategy to enhance its position in the municipal bond market through this investment. InvestingPro analysis reveals several additional key metrics and insights about MHI’s financial health and market position.
Following these transactions, Saba Capital now holds 4,057,625 shares of Pioneer Municipal High Income Fund, reflecting its continued confidence in the fund’s performance. The fund currently offers a 4.53% dividend yield and maintains a conservative beta of 0.67, indicating lower volatility compared to the broader market. This move underscores Saba Capital’s strategy to enhance its position in the municipal bond market through this investment. InvestingPro analysis reveals several additional key metrics and insights about MHI’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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