Last Updated: 4:05PM EST
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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 1.48%, 0.8%, and 0.17%, respectively.
Furthermore, the U.S. 10-Year Treasury yield jumped to 4.15%, an increase of four basis points. On the other hand, the Two-Year Treasury yield saw a slight drop, as it hovers around 4.59%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 1.2% in the fourth quarter.
This is lower than its previous estimate of 1.3%, which can be attributed to this morning’s wholesale trade release from the U.S. Census Bureau.
Last updated: 9:30AM EST
Stocks opened higher on Thursday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.92%, 0.51%, and 0.08%, respectively, at 9:30 a.m. EST, December 7.
Economic data indicated a gradual cooling of the labor market as initial jobless claims for the week ending on December 2 went up 1,000 to 220,000. This was below economists’ forecasts of 222,000.
Furthermore, continuing claims stood at 1.86 million, below consensus estimates of 1.91 million. In addition, the four-week moving average was 220,750, up by 500 from the prior week’s average of 220,250.
First published: 3:47AM EST
U.S. futures hovered near the flat line on Thursday morning as investors continued to digest the latest ADP National Employment Report, which revealed softer job growth than expected. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.01%, 0.04%, and 0.05%, respectively, at 3:16 a.m. EST, December 7.
Turning to major news, pharmaceutical giant AbbVie (ABBV) announced plans to acquire Cerevel Therapeutics (CERE) in an all-cash deal worth $8.7 billion. The deal marks AbbVie’s second major acquisition in two weeks, strengthening its neuroscience pipeline.
In after-hours action, shares of Chewy (CHWY) fell about 11% after the online pet food retailer provided disappointing guidance for the January quarter and reduced its full-year outlook. Further, specialty retailer GameStop (GME) dropped 6% following the mixed Q3 earnings report.
Today, the fiscal Q4 earnings report of semiconductor company Broadcom (AVGO) will take center stage. Other notable earnings that will be released today include Dollar General (DG), Lululemon (LULU), and DocuSign (DOCU), among others.
Meanwhile, oil prices were trending up at the time of this writing after hitting a five-month low yesterday. Rising U.S. gasoline inventories have renewed concerns about slowing global fuel demand. As of the last check, the WTI crude oil futures were trading near $69.93 per barrel.
Elsewhere, European markets are trading in the red on Thursday ahead of the release of revised third-quarter gross domestic product data for the eurozone.
Asia-Pacific Markets Ended Lower on Thursday
Asia-Pacific indices experienced a decline on Thursday as investors analyzed China’s trade data releases. While China’s November trade surplus saw considerable expansion sequentially, concerns over the broader economic outlook in the Asia-Pacific region contributed to the decline.
Hong Kong’s Hang Seng index closed lower by 0.73%, and China’s Shanghai Composite and Shenzhen Component indexes ended down by 0.09% and 0.14%, respectively.
Japan’s Nikkei and Topix indices finished lower by 1.8% and 1.14%, respectively.
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