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Markets Rise Alongside Jobless Claims | Wall Street Today
The $Dow Jones Industrial Average (.DJI.US)$ gained more than 300 points Thursday afternoon and the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ rose as well as markets cheered a rate-cut-friendly jobless-claims report.
The Dow gained 331 points (0.85%) shortly after the market closed at 4 PM EST. The S&P added 26 ticks (0.51%) and the Nasdaq rose 43 points (0.27%.)
MACRO
Markets rose in part after U.S. weekly initial jobless claims came in high at 231,000 -- their highest level since August, and well above the 212,000 reading that economists had expected.
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
Tuesday, Fed's Kashkari said that one rate cut is still possible this year, which is a dramatic change from the CME FedWatch futures pricing just last month. He said that if inflation stays the same and labor stays strong, rates should stay the same, too.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.83, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.48.
SECTORS
Semiconductors fell alongside Arm, with $NVIDIA (NVDA.US)$ dropping 2%. The entire sector fell more than 1.5%. This earnings season, semiconductor and AI companies are priced to perfection, with even the slightest miss in EPS, Revenue, Bookings, or year-away projections leading to a price slash.
Crude oil futures climbed after a bad six sessions, while Bitcoin fell.
Gold and silver futures climbed significantly, +1.6%, following the Thursday weekly jobless claims surprise. Any uptick in overall unemployment relatively weakens the dollar, and raises hopes the Federal Reserve will cut interest rates.
MOOVERS
$Airbnb (ABNB.US)$ pulled down the S&P 500 and Nasdaq 100 after its earnings met expectations, but its Q2 guidance came in lower: $2.68B-$2.74B versus estimates of $2.743 billion.
$SoundHound AI (SOUN.US)$ reported a Q1 loss of 12c a share on revenue of $11.6m vs. $10m EST.
$MARA Holdings (MARA.US)$ reported first quarter earnings of $1.26 per share. That surpasses the 22-cent average estimate from analysts polled by Ibes, according to Reuters.
$Roblox (RBLX.US)$ fell 22% after the firm projected a softer full year than investors hoped for, including a net loss in the current quarter of $265M.
$Arm Holdings (ARM.US)$ fell about 2.5% after its earnings met all expectations, but projected a lower FY'25 revenue and EPS midpoint than expected, $3.8B-$4.1B vs. $3.98B estimate, and EPS $1.45-$1.65 per share, vs. $1.54 estimate.
$AMC Entertainment (AMC.US)$ narrowed its loss in the company's first-quarter results after the bell Wednesday. The firm reported a net loss of $163.5 million, or 62 cents a share. Thursday, the stock fell on the news.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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