- The major Wall Street indices posted modest gains on Thursday.
- Financial stocks rise as US Treasury yields rebound.
- Energy stocks fall as crude oil prices consolidate.
The main US stock indices opened near Wednesday’s closing levels as investors appear reluctant to take big positions while they wait for Friday’s labor market report. At time of writing, the S&P 500 Index was unchanged on the day at 4,167, the Dow Jones Industrial Average was up 0.1% to 34,265 and the Nasdaq Composite was down 0.1% to 13,485.
Backed by a modest rally seen in US Treasury yields on Thursday, the rate-sensitive financial index rose 0.5% after the opening bell.
On the other hand, the Energy Index is shedding 0.7% as the worst-performing major sector in early trading as crude oil prices struggle to gain traction after closing in the red on Wednesday.
Earlier in the day, the US Department of Labor reported that initial weekly jobless claims decreased to 498,000 in the week ending May 1. This reading was better than the market expectation of 540,000, but failed to trigger a significant market reaction ahead of the NFP report.
S&P 500 chart (daily)
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
