Nasdaq hits all-time high and S&P 500 snaps 3-day losing streak as Tesla stock continues its ascent

4:15pm: Nasdaq charts new all-time high The Dow Jones Industrial Average closed up 47 points, or 0.17%, to 27,739, snapping a three-day losing streak. The S&P 500 gained 0.3% to 3,3385 with the tech-heavy Nasdaq Composite Index charting a new all-time high to 11,264, up 1.06%.  2:40pm: Wall Street shares still positive The Nasdaq continued to lead gains in afternoon trade in New York, while gold and the crude oil price headed south. The Dow Jones Industrial Average added over 45 points at 27,738. The S&P 500 gained nearly nine points at 3,383. The tech-heavy Nasdaq surged over 97 points at 11,244. Shares in electric car giant Tesla (NASDAQ:TSLA) continue north, flirting with $2,000. The stock added over 6% to $1,922.44 on the day. It came as reportedly Tesla bull Gary Black, a former Bernstein analyst, updated his valuation for the stock on Thursday to now $2,700. Black is no longer a traditional analyst, but makes his estimates public. US crude was down 0.70% at $42.65 a barrel.Gold was down 0.68% to $1,957 an ounce. 12:50pm: Wall Street higher Wall Street stocks were in positive territory around lunchtime despite the earlier report showing a sluggish jobs market. The Dow Jones Industrial Average added around 24 points at 27,717, the S&P 500 gained around three at 3,378. The Nasdaq was the standout though, advancing over 64 points at 11,211. Among the gainers, Intel Corp (NASDAQ:INTC) nipped up 1.7% to US$49.16  after the computer chip maker unveiled plans for a US$10 billion buyback by the end of 2020. 12pm EST/5pm: FTSE 100 closes lower FTSE 100 index finished firmly lower on Thursday as stocks were under pressure on the back of a surprise rise in jobless claims in the US and continued fears over the global pandemic. Britain's blue-chip benchmark closed down around 95 points, or 1.56%, at 6,016, with big miners making up some of the biggest laggards.  David Madden, market analyst at CMC Markets highlighted the Fed's comments last night, which warned that the US economy could face a ‘considerable’ negative impact over the medium term. "The Fed also repeated the need for fiscal stimulus, as they feel they can’t tackle the crisis alone. The absence of a coronavirus relief package is playing on traders’ minds even more so in light of the Fed’s comments. It seems a bit strange that traders are all of a sudden worked up about the Fed’s bearish outlook, when it has been known for a while now," said the analyst. Top loser on Footsie was steel giant Evraz (LON:EVR), which shed 6.10% to stand at 324.70p. US benchmark crude fell 1.12% on the day to US$42.45 a barrel. Brent crude dropped 1.3% to US$44.81. US and Canada 4.30pm/11.30am EST Over on Wall Street, stocks were mixed with the Dow Jones Industrial Average down around 40 points at 27,654. The broader-based S&P 500 was up a shade, 0.65, at 3,375.  The tech heavy Nasdaq added over 59 points at 11,206. In Toronto, the S&P/TSX index  was down around seven points at 16,570. 10.30am EST/ 3.30pm: Proactive North America headlines: Gevo (NASDAQ:GEVO) exceeds $1.5B in long-term revenue contracts after striking deal with Trafigura Trading; stock jumps Cabral Gold (CVE:CBR) (OTCPINK:CBGZF) set for drilling at Cuiú Cuiú project in bid to define multiple high-grade deposits Energy Fuels Inc (TSE:EFR) reshuffles management team, promotes Scott Bakken and Dee Ann Nazarenus to vice president roles Australis Capital Inc (CSE:AUSA) (OTC:AUSAF) sets annual meeting for November, puts dissident shareholders on notice Matinas BioPharma Inc  (NYSEAMERICAN:MTNB) publishes data from Phase 1 EnACT study of MAT2203 to treat cryptococcal meningitis Orgenesis (NASDAQ:ORGS) collabs with dermatology research organization on topical Ranpirnase formation to treat HPV symptoms Klondike Gold (CVE:KG) (OTCPINK:KDKGF) eyeing potential open-pit gold resource as it kicks off drilling again at Lone Star FansUnite Entertainment Inc (CSE:FANS) (OTCPINK:FUNFF) names US gambling industry expert Chris Grove to its board of directors EuroLife Brands (CSE:EURO) enters health and wellness sector via acquisition of Toronto-based brand Plant & Co Marche CytoDyn (OTCQB:CYDY) to submit leronlimab application questions to FDA; gets nod from UK regulators to proceed with coronavirus trial Orogen Royalties (CVE:OGN) commences trading on TSX Venture Exchange after merger of Evrim Resources and Renaissance Gold Co-Diagnostics  (NASDAQ:CODX) wins increased US patent protection for its CoPrimer technology used in its coronavirus test kit Mawson Gold Ltd (TSE: MAW) (OTCPINK:MWSNF)  kicks off diamond drilling at the Sunday Creek gold project in Victoria goldfields in Australia The Valens Company Inc ( (TSE:VLNS) (OTCQX:VLNCF) poised for further product innovation as it receives Cannabis Research Licence from Health Canada 9.40am: Wall Street opens in the red The main Wall Street indices have opened in negative territory on Thursday after the US weekly initial jobless claims figure moved back above 1mln, higher than expected, while the Philadelphia manufacturing reading pointed to a possible slowdown. Shortly after the opening bell, the Dow Jones Industrial Average was down 0.44% at 27,571, while the S&P 500 dropped 0.48% to 3,358 and the Nasdaq fell 0.34% to 11,108. However, one of the early winners in the session was computer chip maker Intel Corp (NASDAQ:INTC), which rose 2.2% to US$49.41 after unveiling plans for a US$10bn accelerated share buy-back. READ: Intel launches US$10bn accelerated buy-back, can the chipmaker play catch up with in-favor FANG stocks? Seeing less good fortune was Chinese ecommerce group Alibaba Group Holding Ltd (NYSE:BABA), which slipped 1.8% to US$255.88 despite topping expectations in its first quarter results which were released ahead of the open. 7:40am: Mixed start expected After yesterday’s reverses, the Dow Jones and S&P 500 are expected to add to yesterday’s losses but the NASDAQ Composite is on the comeback trail. Spread betting quotes indicate that the Dow, which shed 85 points yesterday to close at 27,693, will open around 48 points lower at 27,645 while the S&P 500 is tipped to shed 4 points at 3,371. The NASDAQ Composite, fuelled by continued tech-mania, is seen rising 186 points to 11,332. Things have got so frothy in techland, Airbnb has revived plans to float, despite evidence of a second wave of coronavirus cases across the globe. Apple Inc (NASDAQ:AAPL), the iPhone maker, became the US’s first US$2,000bn company – that’s market capitalisation, not taxes paid (obviously) – this week, which partly explains the NASDAQ’s continued strength. “Apple’s $1trn rally in just 24 months is truly remarkable. Apple, like many tech stocks, has been largely insulated from the Covid-19 economic downturn - despite having to close stores because of the pandemic,” said Richard Hunter, the head of markets at interactive investor. “The burning question now for investors is how high can Apple go?” Hunter asked. “ A deep recession could spoil Apple’s bull run by knocking demand for its premium products like iPhones, iPads and MacBooks; however, Apple has a few strings to its bow and its services arm, which includes Apple Music and Apple TV, is likely to continue to be a revenue driver for the business regardless of whether the overall economy is growing or not,” Hunter added. “In addition, the US-China trade conflict remains a threat. Further escalation in the conflict could leave Apple, who are heavily reliant on Chinese manufacturing for products such smartphones, exposed.” Aside from the continued appetite for all things tech stock-related, the focus stateside is likely to be the minutes from the most recent meeting of the Federal Reserve’ policy-setting committee. “The Fed’s calm and measured stance in its most recent meeting was perhaps not enough for stock markets, which have certainly grown used to a rhythm of central bank actions, but the disappointment should not last long,” predicted Chris Beauchamp, the chief market analyst at IG. “The minutes should not be viewed in any hawkish light, but instead seen as a necessary pause for the central bank to reassess the outlook. Markets have been able to weather much bigger problems than a set of central bank minutes, with no indication thus far that the overnight weakness is about to turn into something more substantial,” he added. Milan Cutkovic, a market analyst at AxiCorp, was a bit less “glass half full”. “Talks between Democrats and Republicans over another massive corona aid package have stalled, and no imminent solution is in sight,” Cutkovic noted. “The comments from the Fed brought markets under pressure, as a V-shaped economic recovery is already priced in. “The reaction also shows that investors remain fairly edgy, despite - or perhaps because - of the impressive recovery rally. After several weeks of a smooth ride for stock markets, market participants should buckle up for another rollercoaster ride,” he added. “At the same time, the United States is increasing the pressure on Hong Kong by terminating three bilateral agreements. It will only be a matter of time before Beijing will see itself forced to take countermeasures, which could set in motion a dangerous downward spiral. “With the current uncertainties surrounding the pandemic, the timing for a return of the trade war between the two superpowers could hardly be any worse,” Cutkovic suggested. Five things to watch for on Thursday: Initial jobless claims data for the week ending August 15, which is expected to show 925,000 Americans filed for unemployment in the period, down from 963,000 in the previous week Any further details on potential US-China trade talks following comments overnight from the Chinese Commerce Ministry that discussions would be held “soon” Share price reaction from Chinese ecommerce giant Alibaba Group Holdings Ltd (NYSE:BABA), which topped earnings and revenue forecasts in its first quarter thanks to a boom in digital purchases during the pandemic Earnings data from fellow Chinese tech giant and social media platform Weibo Corporation (NASDAQ:WB) The final day of the Democratic Convention which will see former vice-president Joe Biden officially accept the party’s nomination to run for president in November’s general election