Wall Street today: US stocks muted after weak labour data

The Labor Department data showed more US workers applied for jobless claims last week than the week before.

The weekly jobless data and Wednesday’s

ADP report on hirings by private US employers have raised hopes for the US Federal Reserve’s interest rate cuts.

Investors are now keenly awaiting the monthly jobs data due on Friday for more clues.

At 10:05 a.m. ET, the Dow Jones Industrial Average was up 124.12 points, or 0.32 per cent, at 38,931.45, the S&P 500 was up 0.01 points at 5,354.04, and the Nasdaq Composite was down 25.30 points, or 0.15 per cent, at 17,162.60.

At the opening bell, the Dow Jones Industrial Average rose 18.07 points, or 0.05 per cent, to 38,825.40. The S&P 500 was higher by 3.77 points, or 0.07 per cent, at 5,357.80, while the Nasdaq Composite gained 16.97 points, or 0.10 per cent, to 17,204.87. 

Chip giant Nvidia reversed its early gain and declined 2.2 per cent a day after its market valuation crossed $3 trillion. Nvidia gained 0.8 per cent in early session.

Big Lots tumbled 19.5 per cent after the retailer reported a larger quarterly loss than expected.

Another retailer Five Below fell 12.3 per cent after weak quarterly results.

Robinhood Markets’ stock gained 1 per cent after saying it agreed to buy cryptocurrency exchange Bitstamp.

The yield on the 10-year Treasury rose to 4.29 per cent from 4.28 per cent late on Wednesday. The 2-year yield was holding steady at 4.73 per cent.

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Published: 06 Jun 2024, 07:38 PM IST