U.S. stocks opened slightly higher on Thursday morning following the release of the latest jobless claims report. The data showed that the number of Americans applying for unemployment benefits fell to a nine-month low of 198,000 last week, indicating strong job growth and a resilient labor market.
- The Dow Jones Industrial Average (DJIA) remained almost unchanged, rising only 9 points to reach 33,675.
- The S&P 500 (SPX) increased by 0.2%.
- The Nasdaq Composite (COMP) saw a gain of 0.4%.
Key Economic Update
Investors are also eager to hear remarks from Federal Reserve Chair Jerome Powell during his scheduled speech at the Economic Club of New York, starting at noon. Powell’s insights into the path of interest rates will likely provide further guidance for the market.
Treasury Yield Movement
The yield on the 10-year U.S. Treasury (TMUBMUSD10Y) was on the verge of hitting 5% on Thursday morning. It advanced by 5 basis points to reach 4.954%. Meanwhile, the 30-year Treasury yield (TMUBMUSD30Y) stood at 5.030%, according to FactSet data.
Overall, the jobless claims report and ongoing developments in interest rates will continue to shape the trajectory of the U.S. stock market in the near term.