STOCK MARKET NEWS: Stocks struggle even as Tesla jumps, AT&T shares sink and ECB surprise

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AT&T among S&P’s weakest stocks

If AT&T shares fall more than 10.08%, it would be the biggest percentage drop since July 2002, as tracked by Dow Jones Market Data Group.

Even though the compant has added more than 800,000 postpaid subscribers, cash flow is down.

“We are also reducing the full-year free cash flow guidance to $14 billion to reflect significant investments in growth and working capital impacts related to the timing of collections,” the company said.

Jobless jump in hiring decline

The hiring market, already historically tight, could experience a setback.

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Tesla helps lift the fall of the Nasdaq, the Dow and the S&P

U.S. stocks struggled on Thursday as investors posted a basket of mixed earnings on strong results from Tesla and a weaker report from AT&T. Additionally, jobless claims rose by 7,000 to 251,000.

Symbol Price To change %To change
TSLA $778.86 +36.36 +4.90%
J $18.44 -2.04 -9.96%

In commodities, oil slipped to $89 a barrel, down for a second straight session, as concerns over demand outweighed tight global supply.

United States Petroleum Fund L P.

$

75.67

Traders are also reacting to a surprise half-point interest rate hike by the European Central Bank, the biggest in 11 years.

Companies on deck for profits after the bell will include Boston Beer, Capital One Financial, Mattel, Snap and Tenet Healthcare.

Investors will also take in the Conference Board’s leading economic indicators index, the Philadelphia Federal Reserve’s manufacturing index, and the latest continuing and initial jobless claims.

Tesla made a big bitcoin move

Elon Musk’s Tesla delivered its quarter while revealing a strategic decision it made with its bitcoin holdings.

Nord Stream 1 gas pipeline between Russia and Europe starts to flow again

Nord Stream 1, a key pipeline linking Russia to Europe, has started running again after being shut down for 10 days due to maintenance work.

Operator Nord Stream AG said natural gas started flowing to Germany again on Thursday morning, but gas flow is expected to be below full capacity.

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Oil drops 3% on demand concerns

Oil prices fell for a second consecutive session on Thursday, as concerns over demand outweighed tighter global supply. U.S. West Texas Intermediate crude futures traded around $96.00 a barrel after falling 1.9% on Wednesday.

Brent crude futures were trading around $104.00 a barrel after falling 0.4% in the previous session.

Oil prices have been volatile as traders have had to tighten global supply due to the loss of Russian barrels following the country’s invasion of Ukraine, with recession fears that could weaken demand energy, according to Reuters.

A major gas pipeline between Russia and Europe supplying natural gas has started to flow again after a 10-day shutdown for maintenance.

U.S. gasoline inventories rose 3.5 million barrels last week, government data showed on Wednesday, far exceeding analysts’ forecasts in a Reuters poll for a rise of 71,000 barrels.

Gasoline keeps dropping

The average price of a gallon of regular gasoline slipped Thursday morning to $4.40, according to AAA. The price on Wednesday was $4.467. Gasoline has been falling since hitting a high of $5,016 on June 14. Diesel also fell to $5.476 from $5.497.

Cryptocurrencies are trading lower on Thursday morning

Cryptocurrency prices for Bitcoin, Ethereum, and Dogecoin were down Thursday morning.

Bitcoin was trading at around $22,000 after riding a two-day winning streak. For the month, the cryptocurrency was up over 24%.

Ethereum was trading around $1,400. Last week, Ethereum was trading up over 37%.

Dogecoin was trading at 6 cents.

Tesla announced during its earnings report that it converted 75% of its bitcoin investment into government currency during the quarter.

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