July 18, 2024

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U.S. Stocks Seeing Modest Strength, Nasdaq And S&P 500 Reach New Record Highs

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With traders returning to their desks following the Juneteenth holiday on Wednesday, stocks are seeing modest strength during trading on Thursday. While buying interest has remained somewhat subdued, the Nasdaq and the S&P 500 have once again reached new record intraday highs.

Currently, the major averages are off their highs of the session but still in positive territory. The Dow is up 94.11 points or 0.2 percent at 38,928.97, the Nasdaq is up 26.62 points or 0.2 percent at 17,888.85 and the S&P 500 is up 10.55 points or 0.2 percent at 5,497.58.

The modest strength on Wall Street comes amid a continued advance by shares of Nvidia (NVDA), with the AI darling and market leader surging by 2.5 percent.

Nvidia shot up by 3.5 percent during trading on Tuesday, surpassing Microsoft (MSFT) as the world’s most valuable public company.

Traders are also digesting the latest batch of U.S. economic data, including a Labor Department report showing a modest pullback by first-time claims for U.S. unemployment benefits in the week ended June 15th.

The Labor Department said initial jobless claims dipped to 238,000, a decrease of 5,000 from the previous week’s revised level of 243,000.

Economists had expected jobless claims to fall to 235,000 from the 242,000 originally reported for the previous week.

The upwardly revised number for the previous week marked the highest level since claims reached 248,000 in the week ended August 12, 2003.

“Initial claims fell less than we anticipated in the week ended June 15 and point toward a moderation in growth in nonfarm payrolls in June,” said Ryan Sweet, Chief U.S. Economist at Oxford Economics.

He added, “The risk of labor demand being too weak to prevent the unemployment rate from rising could give some support in cutting interest rates as an imbalance in the labor market is unlikely to be a significant factor in future inflation.”

Meanwhile, a separate report released by the Commerce Department unexpectedly showed a steep drop in new residential…

2024-06-20 11:24:14

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