Stock market today: US indexes gain as traders try to break 4-day losing streak
US stocks were mixed Thursday as trader struggled to recover from a streak of losses.
Jobless claims held steady at 212,000, matching the revised level from the previous week.
Traders will hear remarks from Fed Presidents John Williams and Raphael Bostic later on Thursday.
US stocks were mixed on Thursday as traders tried to snap back from a four-day losing streak.
As earnings season kicks into gear, Wall Street has its sights set on heavyweight companies' Q1 reports in the coming days. Chip giants like Nvidia, Broadcom, and Micron Technology are seeing some upward momentum after the group sold off in recent sessions.
Indexes wavered after jobless claims data. Initial jobless claims held steady at 212,000, matching the revised level from the previous week, according to the Labor Department. Economists had anticipated an increase to 215,000 from the initially reported 211,000 for the prior week.
Treasury yields moved higher, with the 10-year yield edging up by three basis points to 4.624%.
Traders are awaiting on fresh remarks from New York Fed President John Williams and Atlanta Fed President Raphael Bostic later today. Expectations for rate cuts in 2024 have dropped from six at the year's start to just two, with some analysts even warning of a potential hike in the cards if inflation remains stubbornly high.
"Recent data have clearly not given us greater confidence" that inflation is coming fully under control and "instead indicate that it's likely to take longer than expected to achieve that confidence," Powell said during a panel discussion on Tuesday.
"I still am expecting inflation to come down, but I do think that we need to be watching and gathering more information before we take action," Cleveland Fed President Loretta Mester said on Wednesday.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
S&P 500: 5,019.17, down 0.06%
Dow Jones Industrial Average: 37,887.39, up 0.36% (+134.08 points)
Nasdaq Composite: 15,638.65, down 0.25%
Here's what else is going on:
The stock market is headed for a hard 'reset' that could take years to recover from, CIO says.
Nvidia stock could soar 81% if investors recognize its full potential as an AI ecosystem, rather than just a chipmaker, Evercore says
The US freight recession keeps getting deeper.
Bitcoin's latest sell-off is a good entry point for investors ahead of halving, JPMorgan says.
In commodities, bonds, and crypto:
West Texas Intermediate crude oil rose by 0.6% to $83.10 a barrel. Brent crude, the international benchmark, edged higher to $87.52 a barrel.
Gold rose 1.25% to $2,390.25 per ounce.
The 10-year Treasury yield rose three basis point to 4.624%.
Bitcoin rose 1.81% to $62,391.
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