Stock index futures were little changed on Thursday, a day after the Nasdaq and S&P 500 hit record highs, boosted by a rally in chip stocks.
S&P 500 Futures (SPX), Nasdaq 100 futures (US100:IND) were unchanged and Dow futures (INDU) -0.1%.
He 10-year Treasury yield (US10Y) up to 4 basis points to 4.32%. The 2-year performance (US2Y) up to 3 basis points up to 4.75%. See how other yields trade along the entire yield curve here.
“Yesterday's advance came as good economic news was again seen as good news for markets,” said Jim Reid of Deutsche Bank.
Semiconductor stocks also rose across the board as demand for chips rises in 2024 and beyond, while ai darling Nvidia (NVDA) surpassed $3 trillion in market cap on Wednesday, joining the illustrious club amid the euphoria around artificial intelligence.
“The spike in rates and the surprise upside data supported the rally in stocks, but it was tech optimism that was the biggest driver,” Reid added.
U.S.-based employers announced 63.8K job cuts in May, down 1.5% from the previous month and down 20% from 80.1K cuts a year ago.
Initial jobless claims increased by 8,000 for the week ending June 1 to 229,000, compared to the expected 216,000 and 221,000 the previous week (revised from 219,000).
“We expect today's Challenger data on May layoff announcements and weekly jobless claims numbers to continue the streak of weak labor market data,” Pantheon Macroeconomics said.
First quarter non-farm productivity was +0.2% quarter-on-quarter versus +0.3% consensus and +3.2% previously. Unit labor costs: +4.0% vs. +4.7% consensus and +0.4% previously.
April international trade in goods and services reached $74.6 billion, up from -$75.2 billion consensus and -$68.6 billion in March (revised from -$69.4 billion).
