On [Date], the Dow Jones Industrial Average reached an all-time high with an increase of +1.49%. In contrast, the S&P 500 Index edged up +0.02%, while the Nasdaq 100 Index fell -0.90%. Broadcom experienced a notable decline of more than -14% after announcing a weaker-than-expected quarterly outlook for AI revenue, contributing to pressure on technology stocks.
Initial weekly jobless claims rose by +13,000 to 225,000, marking a 3.75-month high, which suggests a weakening labor market. Meanwhile, Q1 nonfarm productivity was revised down to 0.3% from 0.8%, and Q1 unit labor costs saw an unexpected decrease to 1.8% from 2.3%. These mixed economic indicators are impacting market expectations regarding interest rates ahead of the FOMC meeting on June 16-17, which discounts a mere 2% chance of a +25 basis point rate hike.
International markets showed mixed results; the Euro Stoxx 50 increased by +0.51%, while China’s Shanghai Composite and Japan’s Nikkei fell -0.64% and -1.36%, respectively. In commodities, WTI crude oil prices dropped more than -3% following a ceasefire agreement between Israel and Lebanon. Over the broader market, 84% of S&P 500 companies that reported Q1 earnings beat estimates, with projected earnings growth for the quarter at +12% year-over-year.
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