Last Updated: 4:10 PM EST
Stock indices finished today’s trading session in the green amid a slew of economic data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.19%, 0.09%, and 0.09%, respectively.
On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 233,000 people filed for unemployment insurance for the first time. Expectations were for 236,000 individuals.
However, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.839 million. This was above the forecast of 1.82 million and higher than last week’s print of 1.821 million.
Furthermore, the National Association of Realtors released its Pending Home Sales report, which measures the month-over-month change in the number of home sales that have yet to close but are contracted to be sold. This measure excludes homes that are newly constructed.
During May, Pending Home Sales decreased by 2.1% compared to April, which was worse than the expected 0.6% increase. This is after a 7.7% decrease in the previous report.
In addition, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of May, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed upon that the core reading provides a better gauge of ordering trends.
Core Durable Goods Orders decreased by 0.1%, which was worse than the expected 0.2% jump on a month-over-month basis and less than the previous month. However, when including aircraft orders, growth was 0.1%, which beat expectations of -0.5%.
First Published: 5:08 AM EST
U.S. futures were down Thursday morning after the S&P 500 index (SPX) rose yesterday and marked the second consecutive day in the green. Futures on the Nasdaq 100 (NDX), the S&P 500, and the Dow Jones Industrial Average (DJIA) were down by about 0.35%, 0.25%, and 0.24%, respectively, at 4:40 a.m. EST, June 27.
Yesterday, all three major indices closed higher, driven by a strong rally in mega-cap technology stocks. Importantly, Amazon (AMZN) stock gained about 4% to hit an all-time high and crossed the $2 trillion market cap. Overall, the S&P 500, the Nasdaq Composite, and the Dow Jones indices gained 0.2%, 0.5%, and 0.04%, respectively.
In major stock market news, Micron (MU) stock declined over 6% in the extended trading session despite better-than-expected fiscal third-quarter results. Further, Levi Strauss (LEVI) was down 12% after reporting Q2 revenue below analysts’ expectations. Moreover, shares of AeroVironment (AVAV) closed about 6% lower in after-hours trading, even after beating fiscal Q4 estimates.
Turning to economic reports, the Durable Goods Orders and Pending Home Sales data points are scheduled for release today. In addition, Initial Jobless Claims data for the week ended June 21 will be made public today. On the earnings front, Walgreens Boots Alliance (WBA), McCormick & Company (MKC), Nike (NKE), and Simply Good Foods (SMPL), among others, will announce results today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.34%. At the same time, WTI crude oil futures trended higher, hovering near $81.26 per barrel as of the last check.
Elsewhere, European markets opened mixed on Thursday as investors looked forward to the key inflation report from the U.S. and preliminary figures for France, Spain, and Italy, due for release tomorrow.
Asia-Pacific Markets Traded Lower on Thursday
Asia-Pacific indices closed in the red today as investors looked ahead to Purchase Managers’ Index data from China.
Hong Kong’s Hang Seng index closed lower by 2.06%. At the same time, Japan’s Nikkei and Topix indices traded down by 0.82% and 0.33%, respectively. Further, China’s Shenzhen Component and Shanghai Composite indices declined by 0.9% and 1.53%, respectively.
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