Dow’s winning streak extends to 7 days

Thursday was another strong day for major U.S. stock indexes, as new data showing a cooling job market helped the Dow rise for a seventh day.

The blue-chip index ended the day up more than 300 points, or nearly 1%, while the S&P 500 index rose 0.5% and the tech-heavy Nasdaq ended the day up a quarter of a percentage point. After a weak April, each index rose about 3% this month.

read more: Compare the best growth stocks

Dow components Caterpillar and Home Depot, both considered bellwethers of the U.S. economy, each rose about 2% on the day.

The rise in a week of light economic data was led by weekly new jobless claims that were higher than expected on Thursday morning. The print fueled investors’ expectations that the labor market is slowing, one of the key indicators the Federal Reserve is looking to confirm before starting to cut interest rates.

Semiconductor design company Arm Holdings fell 2% after reporting a weaker-than-expected full-year earnings forecast despite strong results. The company, which went public last year, has had a strong year, rising more than 50% this year as part of a broader AI boom that boosts chipmakers’ standing.

read more: Best stocks to invest in now

Airbnb and Robinhood also fell following the report. The home-sharing giant disappointed with its outlook for the quarter, falling 7%, while the stock-trading app took a big drag on its results, posting record sales even as its stock price ended down 3%. Achieved profit. Thursday’s plunge showed investors believe record profits are already priced in, given Robinhood’s stock is up 40% since the beginning of the year.

On Friday, Honda Motors and Canadian energy provider Enbridge will release quarterly results. Investors will also be watching comments from multiple Fed officials scheduled to speak at various events for any signs that the central bank will continue with its inflation strategy.