On Thursday, the Dow Jones Industrial Average closed up 1.73% at a new all-time high, while the S&P 500 rose 0.41%, and the Nasdaq 100 dropped 0.53%. The 10-year Treasury note yield decreased by 2 basis points to 4.47%, partly due to a 3% drop in crude oil prices following a ceasefire agreement between Israel and Lebanon.
Weekly initial unemployment claims in the U.S. rose by 13,000 to 225,000, marking a 3.75-month high, while Q1 nonfarm productivity was revised down to 0.3%, below expectations. Despite these mixed economic signals, 83% of S&P 500 companies that reported Q1 earnings exceeded estimates, with an overall projected growth of 12% year-over-year.
In stock movements, Broadcom led tech declines with a 12% drop following an underwhelming revenue forecast related to artificial intelligence, while managed healthcare stocks like Humana and Centene gained over 5% after upgrades from Morgan Stanley and Bank of America. On international markets, the Euro Stoxx 50 rose by 0.82%, but China’s Shanghai Composite and Japan’s Nikkei closed down 0.64% and 1.36%, respectively.
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