- US stocks traded mixed on Thursday.
- Nvidia added to gains a day after it rallied to become the world's second-most-valuable company.
US stocks were mixed on Thursday as the market struggled for direction a day after Nvidia's record-setting gain and ahead of a highly anticipated nonfarm payroll report for May.
The number of people in the US filing for unemployment benefits rose to about a four-week high last week, with jobless claims clocking in at 229,000. While that's higher than estimates, it is still historically low, pointing to continued strength in the labor market amid the lowest unemployment rate in decades.
On Friday, investors will get a fuller picture of the labor market with the May nonfarm payroll report. Expectations are for employers to have added 175,000 jobs last month, about in line with April's reading.
Rate cuts bets have edged up in the wake of data pointing to a cooler job market, and Friday's report will be key in laying the groundwork for potential rate cuts from the Federal Reserve. Fed fund futures are pricing in the first rate cut in September, though commentators have said in the last week that July may be back on the table if inflation cooperates in the next several consumer price index reports.
Nvidia shares extended gains from Wednesday's session, when the chip maker rallied more than 5% to become the second most valuable company in the world, shooting past Apple and behind only Microsoft by market cap. Nvidia closed Wednesday with a market valuation of $3.01 trillion.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:
- S&P 500: 5,355.23, up 0.1%
- Dow Jones Industrial Average: 38,921.89, up 0.3% (113 points)
- Nasdaq composite: 17,173.87, down 0.1%
Here's what else is going on today:
- The European Central Bank cut interest rates for the first time since 2019 and upped its inflation forecast for this year and for 2025.
- It looks like the US economy is going to stick the soft landing.
- Crypto bull Mike Novogratz thinks warmer political attitudes toward bitcoin will send the token to $100,000 this year.
- There are eight signs a bubble is forming in the market, and stocks have already flashed six of them, UBS says.
In commodities, bonds, and crypto:
- Oil futures rose. West Texas Intermediate crude was up 0.6% to $74.56 a barrel. Brent crude, the international benchmark, was higher by 0.5%, trading at $78.79 a barrel.
- Gold edged up to $2,376 per ounce.
- The 10-year Treasury yield rose two basis points to 4.312%.
- Bitcoin edged up 0.1% to $71.058.