On Thursday, the S&P 500 Index closed up +0.58% at a new all-time high, while the Nasdaq 100 rose +0.84% and the Dow Jones Industrial Average increased by +0.05%. This market recovery was largely attributed to Axios’ report of a preliminary deal between the U.S. and Iran to extend a ceasefire for 60 days and initiate negotiations regarding Iran’s nuclear program, contingent upon President Trump’s approval. Crude oil prices, which had surged by over 3% initially, settled slightly higher following the news.
Economic data released on Thursday showed mixed results: U.S. weekly jobless claims rose by 5,000 to 215,000, exceeding expectations of 211,000. April personal spending increased by +0.5% month-over-month, while personal income was unchanged. The April core PCE price index increased by +3.3% year-over-year, marking the largest rise in 2.5 years. Additionally, the Q1 GDP was revised down to +1.6%, below expectations of +2.0%. April new home sales fell -6.2% to 622,000, weaker than the anticipated 660,000.
In the bond market, the 10-year Treasury note yield fell by 2 basis points to 4.46%, influenced by the mixed economic data and hawkish comments from Federal Reserve officials regarding inflation. Stock performances varied, with notable gains in chipmakers and AI-based companies. Dollar Tree saw a significant increase of over +17% after a positive earnings report.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
