As traders anticipated Friday’s crucial jobs report, the S&P 500 increased on Thursday in an effort to end a three-day decline.
The Nasdaq Composite gained 0.9%, while the broad market index ended the day 0.5% higher. 33 points, or 0.1%, were added to the Dow Jones Industrial Average.
Trades praised the business’s unveiling of its Gemini AI model, and Alphabet, parent company of Google, saw a 5% increase in shares. Furthermore included were AMD and Nvidia, at 3.8% and 1%, respectively.
Chewy, an online supplier of pet supplies, fell 11% after releasing a subpar net sales estimate for the fourth quarter. Following the release of its net sales data for the previous year, GameStop saw a 4.1% decline.
For the Dow and S&P 500, Wednesday was the first three-day losing run since October. Nevertheless, the three main indexes are still expected to close the fourth quarter and the year higher, highlighting the resilience of the earlier rally.
This week has seen a number of conflicting data releases, which has investors focused on the job market.
The weekly jobless claims data, which was issued on Thursday, fell short of economists’ projections, and a reading of the continuing jobless claims decreased, suggesting that the rate of layoffs hasn’t accelerated. Concerns that the labour market was still too robust for economic policymakers caused the 10-year Treasury yield in the US to spike higher on the release of the data.
Source (CNBC)
