Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.29%, 0.91%, and 0.85%, respectively. On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 208,000 people filed for unemployment insurance for the first time. Expectations were for 212,000 individuals.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.774 million. This was below the forecast of 1.8 million and flat compared to last week.
Furthermore, the U.S. Census Bureau released its Factory Orders report, which measures the change in the total value of new purchase orders placed with manufacturers. During March, factory orders increased by 1.6% on a month-over-month basis. This was in line with expectations.
However, when excluding transportation, factory orders jumped by 0.5%, which was higher than the forecast of a 0.2% increase but lower than the previous report of 1.1%
First Published: 4:15 AM EST
U.S. futures were higher on Thursday morning after the Federal Reserve kept the interest rate unchanged, implying that the interest rates have peaked. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.57%, 0.45%, and 0.32%, respectively, at 3.09 a.m. EST, May 2.
The Federal Reserve kept the benchmark borrowing rate within the targeted range of 5.25% to 5.50%, a stance unchanged since July 2023.
In after-hours action, shares of chipmaker Qualcomm (QCOM) gained over 4% after the company reported a Q2 earnings beat and solid guidance. Further, Carvana (CVNA) stock jumped over 32% on strong Q1 and an upbeat outlook. Conversely, Etsy (ETSY) stock dropped nearly 12% due to weakness in its gross merchandise sales.
On the earnings front, iPhone maker Apple (AAPL) will release its Q2 financials today. Wall Street expects AAPL’s top and bottom lines to decline in Q2. Alongside Apple, ConocoPhillips (COP) and Booking Holdings (BKNG) are prominent companies that will release their quarterly financials today.
Looking ahead to this week’s economic data, April’s jobs report, a key indicator of economic health, is due for release on Friday.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.6%. At the same time, WTI crude oil futures trended higher, hovering near $79.46 per barrel as of the last check.
Elsewhere, European markets will likely open higher as traders react to the U.S. Fed’s decision and await corporate earnings.
Asia-Pacific Markets Were Mixed Today
Asia-Pacific markets were mixed today following the U.S. Federal Reserve’s rate decision. Japan’s Nikkei and Topix indices were down 0.1% and 0.03%, respectively. On the other hand, the Hong Kong Stock Exchange was up 2.41%.
China’s financial markets are closed due to the Labor Day holiday.
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