Market Recap for today Thursday

$Invesco QQQ Trust (QQQ.US)$ The stock market struggled for direction, with the Nasdaq (QQQ) eventually closing red after jumping roughly 2% early on in the session. Market participants continue to digest the Federal Reserve’s hawkish pivot, a fresh weekly unemployment report, and ongoing earnings season.

The Labor Department released its weekly unemployment report on Thursday, which showed first-time claims unexpectedly jumping compared to consensus estimates, a sign of disruptions caused by the Omicron-driven surge of COVID infections. Claims had reached a 52-year low of 188,000 in December, as many employers attempted to keep their existing workforces in the face of widespread labor shortages.
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- Initial jobless claims: 286,000 vs. 225,000 expected and a revised 231,000 during prior week
- Continuing claims: 1.635 million vs. 1.563 million expected and a revised 1.551 million during prior week