On Thursday, April 13, 2023, major U.S. stock indexes closed higher with the S&P 500 up 0.26% to a new record high, the Dow Jones Industrial Average rising 0.24%, and the Nasdaq 100 increasing by 0.49%. Weekly initial unemployment claims fell by 11,000 to 207,000, exceeding expectations of 213,000, while the Philadelphia Fed business outlook survey unexpectedly rose to a 15-month high of 26.7.
Chipmaker stocks surged after Taiwan Semiconductor Manufacturing Co raised its 2026 revenue forecast, reflecting strong demand for AI. This led to ON Semiconductor gaining over 9% and Advanced Micro Devices rising more than 7%. Meanwhile, WTI crude oil prices surged over 3% as the U.S. blockade of the Strait of Hormuz continued, raising concerns about global oil supply.
In other economic news, March manufacturing production unexpectedly declined by 0.1%, contrary to expectations of a 0.1% increase. New York Fed President John Williams advocated for a steady Fed policy amidst high uncertainty regarding future interest rates, signaling an attentive approach to inflation and growth amid Middle Eastern conflicts.
