Stocks in the US were higher on Thursday, with both the S&P 500 and the Nasdaq rising 0.2% and the Dow Jones adding about 80 points, led by gains in financials and communication services.
Shares of Meta soared almost 4% after Bloomberg reported executives are considering potential budget cuts as high as 30% for the metaverse group next year. JPMorgan also added more than 1%, Nvidia gained 0.5% and Salesforce was up 0.7% after the company offered a stronger-than-expected revenue forecast.
Meanwhile, traders continue to bet the Fed will deliver another rate cut next week. The odds for such a move currently hold around 87%. The latest Challenger report reinforced the view of a cooling labor market, with layoffs reaching 71,321 last month, the highest for a November month since 2022 and bringing the YTD total to 1.17 million.
On the other hand, initial jobless claims fell last week to 191K, the lowest in more than 3 years, though the figures include the volatile Thanksgiving period.
Source : Trading Economics
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