Finance

Stock Market Today: U.S. stock indexes climb as Powell confirms rate cut ahead of jobs report


Drew Angler/Getty Images; BI

  • U.S. stocks rose on Thursday, a day after Federal Reserve Chairman Jerome Powell calmed concerns about the prospect of delaying an interest rate hike.

  • Investors expect a March jobs report on Friday that will provide more clarity on the expected pace of interest rate changes.

  • Data showed initial jobless claims rose to the highest level since January last week.

U.S. stocks rose on Thursday, a day after Federal Reserve Chairman Jerome Powell calmed concerns about the prospect of delaying an interest rate hike.

Powell reiterated in his speech He said at Stanford University on Wednesday that despite stronger inflation in early 2024, the “overall picture” remains, and emphasized that appropriate and unchanged policy directions include lowering “restrictive” policy rates this year.

The market currently estimates that the probability of at least one interest rate cut in June is 60% CME’s FedWatch Tool — down from about three-quarters a month ago.

Meanwhile, new data showed initial jobless claims rose last week to the highest level since January. Initial jobless claims rose by 9,000 to 221,000, above economists’ consensus estimate of 214,000.

Investors will also keep a close eye on Friday’s jobs report, which will provide new nonfarm payrolls and unemployment data.

Here’s where the U.S. indexes were headed shortly after the market opened at 9:30 a.m. Thursday:

Here’s what else happened today:

In commodities, bonds and cryptocurrencies:

  • West Texas Intermediate Oil Crude oil rose 0.89% to US$85.91 per barrel. Brent crude oilInternational benchmark oil prices fell 0.11% to $89.25 a barrel.

  • gold It fell 0.58% to $2,286.65 an ounce.

  • The 10-year Treasury yield fell 1.4 basis points to 4.341%.

  • Bitcoin Up 1.37% to $66,991.

Read the original article business insider



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