- U.S. stocks closed higher on Thursday, trimming their losses for the week. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all saw gains, boosted by stronger than expected quarterly results from companies such as Qualcomm and Carvana.
- Treasury yields eased in the bond market following reports on joblessness and worker productivity. However, the market’s attention is now focused on Friday’s monthly update on the U.S. job market.
- Despite the gains, the S&P 500, Dow, and Nasdaq are still down for the week, while the Russell 2000 index of smaller companies has seen a slight increase.
U.S. stocks recover losses, boosted by strong quarterly results and eased Treasury yields. Market anticipates Friday’s job market update.
U.S. Stocks See Gains, Trimming Weekly Losses
On Thursday, U.S. stocks closed higher, trimming their losses for the week. The S&P 500 and the Dow Jones Industrial Average both climbed 0.9%, while the Nasdaq composite added 1.5%. This recovery was largely driven by stronger than expected results for the latest quarter from companies such as Qualcomm and Carvana.
Eased Treasury Yields and Anticipation for Job Market Update
Following reports on joblessness and worker productivity, Treasury yields eased in the bond market. Despite the positive movement, the market’s attention is now firmly focused on Friday’s monthly update on the U.S. job market, which is expected to have a more significant impact.
Weekly Performance of Major Indexes
Despite the gains on Thursday, the S&P 500 is down 35.76 points, or 0.7% for the week. The Dow has decreased by 14 points, marking a less than 0.1% drop. The Nasdaq has fallen by 86.94 points, or 0.5%. In contrast, the Russell 2000 index of smaller companies has risen by 14.11 points, or 0.7%.
Conclusion
While U.S. stocks managed to recover some losses on Thursday, the market remains cautious ahead of Friday’s job market update. The performance of major indexes for the week reflects this uncertainty, with the S&P 500, Dow, and Nasdaq all experiencing drops, despite Thursday’s gains. Moving forward, investors will be closely monitoring the job market and other economic indicators to gauge the market’s direction.
