Last Updated 4:19 PM EST
Stock indices finished today’s trading session mixed after a slew of disappointing macroeconomic data. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.79% and 0.25%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.77%.
On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in worse than expected. In the past week, 238,000 people filed for unemployment insurance for the first time. Expectations were for 235,000 individuals.
When using the four-week average, initial jobless claims were 232,750, up from last week’s reading of 227,250.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.828 million. This was above the forecast of 1.81 million and higher than last week’s print of 1.813 million.
Furthermore, The Census Bureau released its U.S. Housing Starts report today, which measures the change in new residential buildings that began construction in the reported month on an annualized basis.
In May, housing starts came in at 1.277 million versus expectations of 1.37 million. On a month-over-month basis, housing starts fell by 5.5%. This follows a 4.1% increase in last month’s report.
Moreover, U.S. Building Permits missed expectations, with a print of 1.386 million compared to the forecast of 1.45 million. This was a decrease from the prior month’s report, which came in at 1.44 million, equating to a 3.8% month-over-month drop.
First Published: 5:12 AM EST
U.S. futures inched higher on Thursday morning as traders returned after a holiday. Investors expect the tech-fueled rally to push the S&P 500 index (SPX) to a new high. Futures on the Nasdaq 100 (NDX), the S&P 500, and the Dow Jones Industrial Average (DJIA) were up by about 0.7%, 0.35%, and 0.02%, respectively, at 4:05 a.m. EST, June 20.
Strong gains in artificial intelligence-related tech companies, including Nvidia (NVDA) and Dell Technologies (DELL), boosted traders’ confidence, driving the S&P 500 index to a record high on Tuesday. The Nasdaq Composite, SPX, and DJIA gained 0.03%, 0.25%, and 0.15%, respectively, on the same day.
Turning to economic reports, all eyes will be on the Housing Starts and Building Permits data scheduled for release today. In addition, Initial Jobless Claims data for the week ended June 14 will be made public today.
On the earnings front, Darden Restaurants (DRI), Accenture (ACN), Jabil (JBL), Kroger (KR), and Smith & Wesson Brands (SWBI), among others, will announce results today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.25%. At the same time, WTI crude oil futures trended lower, hovering near $81.34 per barrel as of the last check.
Elsewhere, European markets opened higher on Thursday as investors looked forward to the Bank of England’s interest rate decision due later today.
Asia-Pacific Markets Traded Lower on Thursday
Most of the Asia-Pacific indices closed in the red today as investors evaluated the decision of China’s central bank to keep one-year and five-year loan prime rates unchanged.
China’s Shanghai Composite and Shenzhen Component indices ended down by 0.42% and 1.63%, respectively. Similarly, Hong Kong’s Hang Seng index and Japan’s Topix index were down 0.61% and 0.11%, respectively. However, Japan’s Nikkei index gained 0.16% in today’s trading session.
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