U.S. equity markets saw modest gains on Thursday, with the S&P 500 Index up 0.15%, the Dow Jones Industrial Average rising 0.34%, and the Nasdaq 100 Index increasing by 0.14%. The uptick comes amid a midday reversal in energy markets, as crude oil prices receded from a 4% gain earlier in the day.
Key economic indicators released today included a drop in initial unemployment claims to 209,000, slightly above forecasts of 210,000. April housing starts fell by 2.8% month-over-month to 1.465 million but exceeded expectations of 1.410 million. Conversely, the Philadelphia Fed business outlook survey fell to -0.4, significantly below expectations of 17.8. Additionally, the May S&P manufacturing PMI unexpectedly rose to 55.3, surpassing expectations of a decline to 53.8.
Nvidia reported better-than-expected Q1 earnings on Wednesday, although its stock was down 1% amid concerns about sustainable growth due to increased competition. Among major stock movers, Intuit led losses in the S&P 500, declining more than 19%, while Walmart fell over 7% after its Q2 EPS forecast was weaker than anticipated.
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