U.S. stock indexes were muted on Thursday as a slate of downbeat earnings offset the impact of data that showed U.S. weekly jobless claims rose more than expected, indicating softening labor market conditions. "Whenever we have an employment number that is weaker and it doesn't meet our expectations, ironically, that bolsters the markets because the data was in favor of a rate cut rather than a rate hike," said Peter Andersen, founder of Andersen Capital Management. Money market traders are pricing in U.S. rate cuts worth 47 basis points (bps) by the end of 2024, according to LSEG's rate probabilities app, up from 44 bps before the latest jobless claims data.
Stock Market Today: The Dow Jones fell Thursday after weekly jobless claims. Arm stock and Roblox plunged after posting earnings.
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