Last updated: 4:05 PM EST
Stock indexes ended today’s trading mixed. The Nasdaq 100Nedix) and the S&P 500 (Spocks) fell 0.07% and 0.02%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) rose 0.2%. On Thursday, the Labor Department released a worse-than-expected report on initial jobless claims. 229,000 people filed for unemployment benefits for the first time last week, compared with the forecast of 220,000.
The four-week average of initial jobless claims was 222,250, down from 223,000 the previous week.
Additionally, continuing claims for unemployment insurance, which measures the number of unemployed people who are eligible for unemployment insurance, came in at 1.792 million, above the expected 1.79 million and higher than the figure released last week.
Additionally, the Federal Reserve Bank of Atlanta updated its latest GDPNow numbers, which provide a real-time forecast of GDP growth. The “nowcast” gets more accurate as more economic data is released throughout the quarter. Economic growth is now projected to be around 2.6% in the second quarter.
This is higher than the previous estimate of 1.8% recently released by the U.S. Census Bureau, the Institute for Supply Management and the U.S. Bureau of Economic Analysis.
Looking across the Atlantic, the European Central Bank announced its first interest rate cut since September 2019. In fact, interest rates were cut to 4.25% from the previous 4.5%. This comes after the Bank of Canada similarly cut interest rates yesterday from 5% to 4.75%. These interest rate cuts could lead to a stronger US Dollar.
First Published: 5:09 AM EST
U.S. futures were steady on Thursday morning following a strong trading session yesterday. The S&P 500 (Spocks) and the Nasdaq Composite Index hit new record highs, buoyed by a 5.2% rise in artificial intelligence giant Nvidia (NVDA). The Nasdaq 100 (NDX) and S&P 500 futures were up about 0.12% and 0.03%, respectively, as of 4:26 a.m. ET on June 6, while the Dow Jones Industrial Average (DJIA) decreased by 0.05%.
On Wednesday, the three major indexes, Nasdaq, S&P 500 and Dow Jones, closed up 1.96%, 1.18% and 0.25%, respectively. The rise was driven by the market’s positive sentiment towards NVIDIA’s upcoming stock split. Importantly, NVIDIA’s market cap has now surpassed $3 trillion, overtaking Apple (AAPL) has become the second most valuable company in the world.
Major events outside business hours include Luluemon (Lulu) shares rose 10% after it reported better-than-expected first-quarter results.Five) shares fell about 15% after the company reported disappointing first-quarter results and lowered guidance.
On the economic calendar today, unemployment claims data for the week ending May 31 is due to be released. On corporate earnings, J.M. SmuckerS.J.M.), Nio (Nio), Siena (Sien), DocuSign (documentary), and Blaze (BRZE) are some of the companies that will be announcing their quarterly financial results.
Meanwhile, the yield on the 10-year US Treasury note has risen and is hovering around 4.31% at the time of writing. At the same time, WTI crude oil futures are also on an upward trend, hovering around $74.82 per barrel as of last check.
Meanwhile, European markets opened higher today on growing expectations that the European Central Bank (ECB) will cut interest rates for the first time since September 2019.
Asia-Pacific markets traded mixed on Thursday
Asia Pacific stock indexes ended mixed as investors prepared for the European Central Bank’s (ECB) interest rate decision due today.
Hong Kong’s Hang Seng Index rose 0.28%, while Japan’s Nikkei and TOPIX rose 0.55% and 0.33%, respectively, while China’s Shanghai Composite and Shenzhen Composite Indexes fell 0.54% and 0.57%, respectively.
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