Stocks slightly higher as U.S. weekly jobless claims show small gains
U.S. stocks were slightly higher after Thursday’s opening bell as the market continues to react to tariffs development and latest macroeconomic news.
The Dow Jones Industrial Average was slightly higher while the benchmark S&P 500 index was up 0.75% while the Nasdaq outperformed with a 1.39% gain. This follows a two-day uptick that saw the S&P 500 gain more than 4%.
Most of these gains followed positive news around tariffs, with President Donald Trump indicating a potential thawing in its trade war with China. White House has reportedly considered slashing the heavy tariffs imposed on China.
However Beijing has put its foot down, demanding a total overhaul of recently imposed levies, with reports of a potential deal in the U.S.-China trade war downplayed in Beijing. Stocks are trading largely flat amid this outlook.
In terms of company shares of Pegasus Systems, Trump Media and Technology Company, Nvidia and Palantir were among top gainers. Meanwhile International Business Machines, Chipotle and WeRide were among top losers as Wall Street opened on Thursday.
The picture across crypto followed largely a similar pattern, with Bitcoin (BTC) paring some of its gains to trade 1.3 down and at $92,650. Ethereum (ETH) and XRP (XRP) prices also shed gains with the altcoins changing hands near $1,750 and $2.15 respectively.
The equity market’s lack of strong buying momentum at open came as the U.S. recorded a slight increase in the number of weekly jobless claims. Data out showed Americans that filed new applications for unemployment benefits jumped moderately in the past week.
According to the Labor Department, initial claims for unemployment benefits in the states rose 6,000 last week, reaching a seasonally adjusted 222,000. The numbers align with economists’ forecast.
While this indicates the U.S. labor market continues to show resilience, the uncertainty that comes with tariffs remains a top factor in the markets.
As well as the trade war situation, investors are likely to watch earnings, with key companies reporting on April 24 including Intel, Alphabet (GOOGL, GOOG), Freeport-McMoRan, Merck, Nasdaq and T-Mobile.
