On Thursday, U.S. stocks were mixed as investors awaited the May nonfarm payrolls report, following Nvidia’s record profit the day before. The European Central Bank also cut interest rates for the first time since 2019.
The number of jobless claims in the U.S. rose to a four-week high last week, with 229,000 claims filed. While higher than expected, the level remains historically low and indicates a strong labor market with low unemployment rates.
Investors are closely watching the May nonfarm payrolls report, expecting employers to have added 175,000 jobs last month. Concerns about a cooling labor market have increased bets on potential rate cuts by the Federal Reserve, with September as the anticipated date for the first cut.
Nvidia shares continued to rise after becoming the world’s second most valuable company on Wednesday, trailing only Microsoft in market capitalization with a value of $3.01 trillion. Oil futures, gold, and the 10-year Treasury yield all saw gains, while Bitcoin also rose slightly.
Overall, the market remains uncertain as investors look for direction following Nvidia’s success and ahead of economic data releases. The upcoming labor market report will be crucial in determining the Federal Reserve’s next move in terms of interest rates.
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