Last Updated: 4:01 PM EST
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Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.31%, 0.19%, and 0.55%, respectively. On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 224,000 people filed for unemployment insurance for the first time. Expectations were for 215,000 individuals.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.871 million. This was below the forecast of 1.910 million and lower than last week’s print of 1.896 million. It’s worth noting that Continuing Jobless Claims have been on an overall uptrend since hitting record lows in September 2022, as the layoffs from large companies continue to impact the workforce.
In a separate development, Fannie Mae’s latest Home Price Expectations survey predicts a sharper slowdown in U.S. home price growth in 2025 and 2026 than previously forecast, with deceleration rates of 3.8% and 3.6%, respectively. The survey of 100 housing experts also anticipates sluggish existing home sales, a slight rise in new home sales, and mortgage rates remaining elevated but gradually easing to 6.3% by the end of next year.
While 80% of respondents believe high mortgage rates, rising inventory, and slowing wage growth will curb price growth, a minority expect prices to accelerate due to pent-up demand, tightening supply, and lower interest rates.
First Published: 3:22 AM EST
U.S. stock futures were muted on Thursday after major indices witnessed a solid run the previous day, thanks to impressive results reported by tech companies Salesforce (CRM) and Marvell Technology (MRVL). Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down 0.17% and 0.05%, respectively, while futures tied to the Dow Jones Industrial Average (DJIA) were up 0.06% at 3:20 a.m. EST, December 5.
On Wednesday, the S&P 500 Index and the Nasdaq Composite (NDAQ) closed at all-time highs and were up 0.61% and 1.3%, respectively. Meanwhile, the Dow Jones rose 0.69% and crossed the 45,000 level for the first time.
Aside from the strong results of Salesforce and Marvell, the major indices also gained from comments by Federal Reserve Chair Jerome Powell. Notably, Powell’s statement that the economy is now stronger than it looked in September boosted investor sentiment.
Coming to stock-specific news, the focus will be on American Eagle Outfitters (AEO), as the retailer’s stock plunged after issuing a dismal outlook for the holiday quarter. On the other hand, Five Below (FIVE) shares rallied on upbeat Q3 results.
Additionally, investors will also pay attention to the earnings reports of Dollar General (DG), Kroger (KR), and Ulta Beauty (ULTA).
Also, traders will keenly watch the Initial Jobless Claims report for the week ending November 30, which will be released today and provide further insights into the state of the U.S. job market.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.195% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $68.52 per barrel as of the last check.
Elsewhere, European indices opened mixed on Thursday as France’s Prime Minister Michel Barnier’s government lost a confidence vote, deepening the political crisis in the country.
Asia-Pacific Markets Mixed on Thursday
Asia-Pacific indices were mixed on Thursday as the political turmoil in South Korea and France weighed on investor sentiment. In South Korea, President Yoon Suk Yeol faces impeachment after shocking the country by declaring martial law.
Hong Kong’s Hang Seng Index declined 0.92%. Meanwhile, China’s Shanghai Composite and Shenzhen Component indices closed higher by 0.12% and 0.29%, respectively. Further, Japan’s Topix Index was up 0.30%, while the Nikkei gained 0.06%.
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