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The S&P 500 Index closed up 0.38% on Thursday, alongside the Dow Jones Industrials Index which rose 0.24%, and the Nasdaq 100 Index which also increased by 0.24%. The 10-year Treasury note yield fell by 6 basis points to 4.36%, following favorable US jobless claims and Producer Price Index (PPI) reports, enhancing prospects for potential Federal Reserve rate cuts.
US weekly initial unemployment claims held steady at 248,000, equating to an 8-month high, while continuing claims rose by 54,000 to a 3.5-year high of 1.956 million. Meanwhile, the May final-demand PPI increased to 2.6% year-over-year, aligning with expectations, while the PPI excluding food and energy eased slightly to 3.0%, better than anticipated.
Key stocks included Oracle, which surged over 13% following strong quarterly revenue, and Calavo Growers, up over 16% after receiving an acquisition proposal. Conversely, GameStop’s stock plummeted over 22% due to a new bond offering, and Boeing dropped over 4% after a 787 Dreamliner crash in India raised concerns.
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