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2024-05-18 05:55 AM

Stock market today: Indexes mixed as jobless claims jump to highest since August

• Stocks were mixed Thursday after jobless claims data.

• Initial claims climbed to 231,000 last week, marking the highest level since August.

• A handful of disappointing earnings results have come at the tail end of an otherwise upbeat season.

Major stock indexes were mixed on Thursday as traders mulled a fresh job report that showed the labor market cooling.

Stock futures reversed course to rise into the open after jobless claims rose to their highest level since August, bolstering the idea that the economy may be cooling enough for the Federal Reserve to soon lower interest rates. The two-year Treasury yield, which is highly sensitive to Fed policy, fell two basis points to 4.8%.

Jobless claim data climbed to 231,000 in the last week, marking the highest level since August and a jump from the median forecast of 212,000, the Labor Department said on Thursday.

This adds up to forecasts of a weaker labor market following last Friday's job report, which showed 175,000 jobs added in April, below the expected 238,000 jobs added and far short of 303,000 in March.

The Dow Jones Industrial Average was on track to snap a six-day streak of gains. A handful of disappointing earnings reports have capped off what's otherwise been a fairly upbeat earnings season. Warner Bros. Discovery, Airbnb, and chip firm Arm were all down Thursday morning on weak earnings or disappointing guidance.

Markets will be tuned into more Fed speakers Thursday and Friday. San Francisco Fed President Mary Daly will speak on Thursday afternoon, while Fed Governor Michelle Bowman is among several speakers from the central bank on Friday.

Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:

• S&P 500:5,188.85, up 0.02%

• Dow Jones Industrial Average: 39,030.49, down 0.07% (-27.75 points)

• Nasdaq Composite: 16,318.48, up 0.07%

Here's what else is going on:

• A bettor sitting on a $1.7 million payout if the Thunder win the NBA title is hedging by letting in outside investors.

• Stocks could tank after an ill-advised 'melt-up' if the Fed cuts rates to avoid recession.

• Trump says he wants huge tariffs if elected. That could send inflation soaring.

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 0.3% $79.23 a barrel. Brent crude, the international benchmark, was up 0.2% to $83.76 per barrel.

• Gold traded at $2,304 an ounce.

• The 10-year Treasury yield edged up to 4.498%

• Bitcoin slipped 1.5% to $60,996.

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