Stock indices finished today’s trading session with mixed results, as the Nasdaq 100 and S&P 500 fell slightly while the Dow Jones Industrial Average gained. The Department of Labor released its Initial Jobless Claims report, showing a worse-than-expected number of individuals filing for unemployment insurance for the first time. However, the four-week average showed a slight decrease from the previous week.
Continuing Jobless Claims also came in above expectations, indicating a higher number of unemployed individuals qualifying for unemployment insurance. The Atlanta Federal Reserve updated its GDPNow reading, estimating a higher GDP growth rate for the second quarter compared to its previous forecast.
In Europe, the European Central Bank announced its first interest rate cut since September 2019, following a similar move by the Bank of Canada. These lower rates could potentially impact the strength of the U.S. dollar.
U.S. futures were steady on Thursday morning, following a strong trading session the previous day where all three major indices closed higher. Nvidia’s rally and upcoming stock split contributed to the market sentiment, with the company surpassing Apple to become the world’s second-most valuable company.
In after-hours trading, Lululemon stock jumped on positive Q1 results, while Five Below declined after disappointing results and a guidance cut. Today’s economic calendar includes the release of Initial Jobless Claims data and corporate earnings reports from companies like J.M. Smucker, Nio, and DocuSign.
Overall, global markets are reacting to economic data releases and central bank decisions, with investors keeping a close eye on developments for potential market impacts.
