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The S&P 500 Index closed up +0.27% on Thursday, reaching a new all-time high, while the Dow Jones Industrial Average gained +0.43%. In contrast, the Nasdaq 100 fell by -0.16%. Delta Air Lines saw a significant surge, climbing over +12% after reinstating its full-year guidance. Jobless claims dropped by 5,000 to 227,000, marking an 8-week low, signaling a resilient US labor market.
In bond markets, the Treasury’s $22 billion auction of 30-year T-bonds showed solid demand, yielding 4.889%. Comments from San Francisco Fed President Mary Daly suggested an expectation of two interest rate cuts this year, supporting stocks. Conversely, St. Louis Fed President Alberto Musalem highlighted inflation risks from proposed tariffs. President Trump announced a new 50% tariff on Brazil and confirmed tariffs on copper imports starting August 1.
Bitcoin rose over +2% to a new record, prompting gains in cryptocurrency-related stocks. Airline stocks performed robustly; United Airlines surged +14%, while MP Materials skyrocketed over +50% following a multi-billion deal with the Defense Department. Conversely, Methode Electronics took a hit, dropping more than -25% after reporting a significant quarterly loss.
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