US benchmarks seeing red at lunch despite economic data

12.10pm: US stocks in the red US benchmarks were trading lower at lunch as investors digested weak data from China, while US economic stats did little to cheer the mood. Markets also have an eye on a second day of testimony from fed chairman Jerome Powell. The Dow Jones Industrial Average lost around seven points at 34,924. The broader S&P 500 shed around 16 at 4,357. The tech heavy Nasdaq was down over 115 points at 14,529. "In the US, lower than expected readings across the unemployment claims, Philly Fed manufacturing index and industrial production do little to encourage sentiment around the US recovery," noted Joshua Mahony, senior market analyst at IG, a global leader in online trading. "Nonetheless, the fact that both initial and continuing jobless claims are moving South prove that the employment picture is gradually moving in the right direction," he added. Earlier in London, FTSE 100 closed down around 79 points, or 1.12% at 7,012, while FTSE 250 dropped over 248 points, or 1.09%, at 22,501 10am: Proactive North America headlines: TechX Technologies Inc (CSE:TECX) (OTCMKTS:TECXF) (FRA:C0B1) closes $16M Mobilum acquisition and announces name change Snowline Gold Corp (CSE:SGD) (OTCPINK:SNWGF) says Crescat investment is a 'compelling endorsement' of its Ursa gold and base metals project Cabral Gold Inc (CVE:CBR) (OTCMKTS:CBGZF) (FRA:C3J) reveals new drill results from Morro da Lua target; adds two new rigs to boost drill program at Cuiú Cuiú C3 Metals Inc (CVE:CCCM) (OTCMKTS:CARCF) acquires 100% of Hochschild Mining's interest in its flagship Jasperoide Copper-Gold Project in Peru TraceSafe Inc (CSE:TSF) (OTCMKTS:UTOLF) (FRA:1UZ) to provide health and safety technology for Calgary Stampede NorthWest Copper Corp (CVE:NWST) (OTCMKTS:NWCCF) (FRA:34S0)doubles the size of its East Niv property and updates summer drilling at Kwanika GameSquare Esports Inc (CSE:GSQ) (FRA:29Q1) adds lifestyle marketing agency Cut+Sew and Zoned to its portfolio of profitable companies Phyto Extractions Inc (CSE:XTRX) (FRA:D2EA) appoints new chief financial officer and company director Gold Resource Corporation (NYSEAMERICAN:GORO) (FRA:GIH) says confident it will meet annual production guidance as it reveals 2Q production figures Altaley Mining Corporation (CVE:ATLY) (OTCMKTS:ATLYF) (FRA:TSGN) unveils 'significant' increases to net revenue and metal recoveries at Campo Morado in 2Q BioVaxys Technology Corp (CSE:BIOV) (FRA:5LB) (OTCQB:BVAXF) closes first tranche of non-brokered private placement to raise $838,675 in gross proceeds African Gold Group Inc (CVE:AGG) (OTCMKTS:AGGFF) (FRA:3A61)  says metallurgical testwork confirms Kobada’s excellent potential as new mine in Mali Marvel Discovery Corp (CVE:MARV) (FRA:O4T1) (OTCQB:MARVF) starts exploration at Slip project in central Newfoundland 9.38am: Wall Street starts in the red Wall Street began Thursday’s session in the red as traders processed the jobless claims data and awaited more testimony from Fed chair Jerome Powell. Shortly after the opening bell, the Dow Jones Industrial Average was down 0.28% at 34,834 while the S&P 500 dropped 0.22% to 4,364 and the Nasdaq fell 0.27% to 14,604. Sentiment may have wobbled in the wake of the higher than expected jobless data, with analysts at Pantheon saying the rate of decline in jobless claims “appears to have slowed” but markets may have to wait until the end of August for the true picture as seasonal adjustments faded. 8:40am: Wall Street to start lower  The main indices on Wall Street are expected to open lower on Thursday as investors assessed the latest US jobless claims data Spread-betters predict the Dow Jones Industrial Average will start around 171 points lower, while the S&P 500 is expected to drop 16 points and the Nasdaq is forecast to be mostly flat. For the week to July 10, the figures showed around 360,000 Americans filed for unemployment benefits, down from 373,000 the previous week but above the 350,000 predicted by analysts. However, the level is the lowest rate of weekly claims since March 2020, indicating that the US jobs market is just about returning to pre-pandemic levels. Back on the markets, one stock that looks to be heading higher is Netflix (NASDAQ:NFLX) after reports that it has hired a former EA and Facebook executive to lead its first foray into computer games. Games will be made available on Netflix’s video streaming platform within the next year, Bloomberg reported overnight, with no plans to charge extra for the content (to start with, of course). Four things to watch for on Thursday: Notable names in the earnings diary today include health insurance firm UnitedHealth Group Inc (NYSE:UNH), financial group US Bancorp (NYSE:USB) and insurer Progressive Corp (NYSE:PGR) Crypto market may also be in focus after the co-creator of Dogecoin blasted the technology by calling it “right-wing, hyper-capitalistic” and “cult-like” General Motors Co (NYSE:GM) could also feel the heat after several of its electric cars caught fire On the macro front, aside from jobless claims there may be interest in US import and export prices as well as production figures