Wall Street saw gains on Thursday, driven by megacap technology stocks and economic data indicating a slight cooling in the labor market. The Nasdaq Composite led the charge, rising 0.92% to 16,427.68 points, with Meta Platforms receiving a boost from positive predictions by Jefferies. Nvidia also ticked higher despite concerns over chip supply disruptions following an earthquake in Taiwan.
The S&P 500 added 0.70% to 5,248.02 points, snapping a two-day losing streak, while the Dow climbed 0.48% to 39,315.73 points. All 11 S&P sectors were in the green.
Before the opening bell, data showed an increase in job cuts and initial jobless claims, signaling some cooling in the labor market. Federal Reserve Chair Jerome Powell reassured investors that recent data on inflation and the labor market did not change the overall scenario of anticipated rate cuts.
Market strategist Keith Lerner highlighted potential risks such as sticky inflation and a volatile interest rate environment, but maintained a bullish outlook for the market. Treasury yields made small moves, with active stocks like Conagra Brands and Lamb Weston experiencing notable gains and losses.
Ford also made headlines by announcing a delay in the launch of its three-row electric vehicles, opting to focus on hybrid vehicles instead. Overall, Wall Street remains optimistic despite potential challenges on the horizon.
