US initial jobless claims surged to an 8-month high of 231,000 last week, far exceeding expectations, and market expectations that the US Federal Reserve may accelerate interest rate cuts are heating up.
The three major US stock indexes opened slightly higher on Thursday and then advanced further. DJIA closed 331 points or 0.9% higher at 39,387, rising for 7 consecutive trading days. S&P 500 closed 26 points or 0.5% higher at 5,214. Nasdaq closed 43 points or 0.3% higher at 16,346.
Chip stocks were under pressure. Arm (ARM.US) crumpled 6% in the early session after its last quarter earnings beat expectations but announced weak guidance, before narrowing to close down 2.3%. NVIDIA (NVDA.US) fell 1.8%, while Micron (MU.US) also declined 1.3%.
Big tech stocks traded individually. Tesla (TSLA.US) fell 1.6%, while Microsoft (MSFT.US) and Alphabet (GOOG.US) rose 0.4% and 0.3% respectively. Apple (AAPL.US) elevated 1%.
Airbnb (ABNB.US) closed plummeting 6.9% after its 2Q revenue forecast missed. Beyond Meat (BYND.US) crashed 14.4% after the plant-based meat company's 1Q revenue and sales declined.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
