Tech stocks drive the market higher with mega-cap giants Apple and Amazon leading the way

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US shares traded increased on Thursday, pushed by mega-cap tech giants Microsoft, Apple and Amazon.The positive aspects got here at the same time as weekly jobless of 419,000 had been increased than estimates of 350,000.The S&P 500 is now lower than 1% beneath its document excessive of 4,393.Join right here for our every day publication, 10 Issues Earlier than the Opening Bell.US shares edged increased on Thursday, pushed by a greater than 1% achieve in mega-cap tech giants Microsoft, Apple, and Amazon. The positive aspects helped ship the S&P 500 to only 1% beneath its document excessive of 4,393, having recovered all of its losses from Monday’s 2% decline.

Microsoft surged to a document excessive forward of its earnings outcomes subsequent Tuesday. The software program large obtained a street-high value goal of $378 from Citi, representing potential upside of greater than 30% from present ranges.

Shares had been initially weak Thursday morning after worse than anticipated weekly jobless claims information was launched, with 419,000 People submitting for unemployment final week, effectively above the estimate of 350,000. Persevering with claims, which measure the variety of People receiving unemployment advantages, stood at 3.2 million, barely down from final week’s revised determine of three.265 million.

The weekly jobless claims come amid an ongoing financial restoration from the COVID-19 pandemic, but additionally because the Delta variant is rapidly spreading among the many unvaccinated.

Here is the place US indexes stood on the 4:00 p.m. ET shut on Thursday:

S&P 500: 4,367.50, up 0.2%Dow Jones industrial common: 34,823.35, up 0.07% (25.35 factors)Nasdaq composite: 14,684.60, up 0.36% Shopper-goods firm Unilever fell as a lot as 6% after earnings outcomes revealed a surge in commodity prices that can doubtless reduce into its revenue margins.

The Reserve Financial institution of India on Thursday stated it’s contemplating a “phased” rollout of a central financial institution digital forex.

Guggenheim’s Scott Minerd thinks there could possibly be extra draw back forward for each the inventory market and bitcoin, in accordance with an interview with Bloomberg. Minerd stated US shares might drop 15% by the top of October, and reiterated his view that bitcoin might fall to $15,000.

SEC Chairman Gary Gensler signaled that cryptocurrencies might fall underneath its guidelines on securities-based swaps and stated that extra regulation of the crypto house is imminent.

Based on a survey carried out by Goldman Sachs, about 60% of high-net-worth household workplaces are already investing or are serious about investing in crypto.

Oil costs had been increased. West Texas Intermediate crude was up as a lot as 2.0%, to $71.73 per barrel. Brent crude, oil’s worldwide benchmark, jumped 1.9%, to $73.63 per barrel.

Gold jumped 0.20%, to $1,807.00 per ounce.

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