Market Open: Stocks Mixed; Continuing Jobless Claims Rise Again • 7/9/26

Summary

US stock indexes opened mixed with semiconductor stocks broadly higher, while Nvidia lagged. Initial jobless claims remained low but continuing claims hit the highest since March, hinting at a softening labor market. A Citi research note argues the Federal Reserve may soon pivot from inflation concerns to employment weakness. Gasoline commentary highlighted that US demand remains strong and prices are structurally cheap compared to global levels. Ohio was named CNBC's top state for business.

• S&P 500 and Nasdaq edged higher while the Dow slipped; Micron, AMD, Intel rose, Nvidia fell.
• Initial jobless claims were 215,000, near expectations; continuing claims rose to 1.81 million, highest since March.
• Citi report says the Fed may soon shift focus from inflation to a weakening labor market.
• PepsiCo shares pulled back after an early pop on better-than-expected quarterly results.
• Oil edged higher with US crude above $73 a barrel.
• Gasoline demand in the US remains high and US retail pump prices are described as structurally cheap versus international peers.
• Ohio ranked as the best state for business in CNBC's annual analysis.
• Travel expected to peak as the busiest flying day of the summer.