S&P 500 Tries Its Best to Rebound With Best Day In A Year | Wall Street Today

After the S&P 500 had its worst day since 2022 Monday, it rebounded with its best one day point climb since January of 2023 Thursday.

Thursday in macroeconomics, initial jobless claims came in at 233k, lower than 250k last month. Monday, this week's macro data came in the form of S&P PMI at 54.3 vs 55 estimated and ISM PMI at 51.4.

Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed that non-farm payrolls dropped from the month before; the economy only added 114k jobs, compared to the 175k forecast, and 179k in June, according to the Bureau of Labor Statistics. The unemployment rate in July rose to 4.3%, compared to 4.1% last month.

Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed that non-farm payrolls dropped from the month before; the economy only added 114k jobs, compared to the 175k forecast. The unemployment rate in July rose to 4.3%, compared to 4.1% last month. The Federal Reserve has looked extensively at the labor market as an indicator of its monetary policy and appetite for rate cuts, and they left rates unchanged Wednesday.

Oil futures rose Thursday, on track to build on back-to-back gains as U.S. stocks attempted to shake off an earlier rout amid a tumultuous start to August for global financial markets.

Crude was lifted Wednesday after the Energy Information Administration reported that U.S. crude inventories fell 3.7 million barrels in the week that ended Aug. 2. Analysts surveyed by S&P Global Commodity Insights had, on average, expected crude inventories to fall by 700,000 barrels.