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    • Stock prices rise after labor market data eases concerns about US economy
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    Stock prices rise after labor market data eases concerns about US economy

    Seren Anwen Posted on

    U.S. stocks jumped Thursday after weekly initial jobless claims fell more than expected in a reassuring report on the health of the U.S. labor market. The S&P 500 (^GSPC) rose about 1%, while the tech-heavy Nasdaq (^IXIC) gained more than 1%. The Dow Jones Industrial Average (^DJI) rose about 1.2%.

    The normally routine unemployment update took center stage on Thursday as the labor market came under increasing scrutiny after last week’s sluggish nonfarm payrolls update served as one of the early catalysts for the recent declines.

    Government data showed there were 233,000 initial jobless claims in the week ended August 3, down from 250,000 the previous week and less than economists had forecast.

    The figure gave fresh impetus to trading on Thursday. Wall Street’s attempted comeback failed on Wednesday as stocks slid at the close, ending with significant losses. The moves – ranging from big gains to significant losses – continued a turbulent period that has permeated markets for much of the past week.

    In individual stocks, AI giant Nvidia (NVDA), a “Magnificent 7” star, is in focus after another day of ups and downs sent the stock down another 5%. The stock rose slightly in early trading.

    Eli Lilly (LLY) was the highlight of the earnings list, with shares of the pharmaceutical company rising over 10% after the company raised its revenue and earnings forecasts on strong sales of weight-loss drugs.

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    • Stocks open higher as jobless claims ease concerns about U.S. economy

      U.S. stocks opened higher on Thursday after initial jobless claims fell by the most in nearly a year, easing concerns about a possible recession.

      The S&P 500 (^GSPC) rose about 1%, while shares of the tech-heavy Nasdaq (^IXIC) gained more than 1.4%. The Dow Jones Industrial Average (^DJI) gained about 0.4%.

      Stocks rose after a comeback attempt failed on Wednesday as major averages declined during the session, erasing earlier gains.

      Weekly initial jobless claims fell more than expected, with investors interpreting this as a sign that the labor market may not be as bad as feared. The slow release of nonfarm unemployment figures last week was one of the initial triggers for the recent declines.

      Investors closely watched the technology stocks that led the recent market declines, with AI chip heavyweight (NVDA) opening higher after losing more than 5% on Wednesday.

      The S&P 500 Tech ETF (XLK) was the leading sector in early trading, along with industrials (XLI) and healthcare (XLV).

    • Initial jobless claims fall more than expected, easing some fears about the U.S. labor market

      Initial jobless claims fell more than expected last week, providing some relief to markets worried about further signs of deterioration in the U.S. labor market and overall economy.

      New data from the Labor Department showed that 233,000 initial jobless claims were filed in the week ending August 3, fewer than the 250,000 filed the week before and less than the 240,000 economists had expected. In the week ending July 27, initial jobless claims reached their highest level since August 2023.

      Meanwhile, the number of continuing jobless claims reached its highest level since November 2021. In the week ending July 27, 1.875 million claims were filed, 6,000 more than the previous week.

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    Seren Anwen
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