Wall Street today: US stocks mixed after weak labour data, Dow Jones rises

At 12:08 p.m. ET, the Dow Jones was up 0.05 per cemt, the S&P 500 was down 0.09 per cemt, the Nasdaq was lower 0.12 per cemt

Rajendra Saxena
Updated6 Jun 2024, 10:47 PM IST
The yield on the 10-year Treasury rose to 4.29 per cent from 4.28 per cent late on Wednesday. Getty Images via AFP
The yield on the 10-year Treasury rose to 4.29 per cent from 4.28 per cent late on Wednesday. Getty Images via AFP

On Wall Street, the Dow Jones rose on Thursday on high hopes of rate cut after weak labour market data, while the S&P 500 and the Nasdaq dropped.

The Labor Department data showed more US workers applied for jobless claims last week than the week before.

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The weekly jobless data and Wednesday’s

ADP report on hirings by private US employers have raised hopes for the US Federal Reserve's interest rate cuts.

Investors are now keenly awaiting the monthly jobs data due on Friday for more clues.

At 12:08 p.m. ET, the Dow Jones Industrial Average was up 20.85 points, or 0.05 per cemt, at 38,828.18, the S&P 500 was down 4.87 points, or 0.09 per cemt, at 5,349.16, and the Nasdaq Composite was down 20.95 points, or 0.12 per cemt, at 17,166.95. 

At 10:05 a.m. ET, the Dow Jones Industrial Average was up 124.12 points, or 0.32 per cent, at 38,931.45, the S&P 500 was up 0.01 points at 5,354.04, and the Nasdaq Composite was down 25.30 points, or 0.15 per cent, at 17,162.60.

At the opening bell, the Dow Jones Industrial Average rose 18.07 points, or 0.05 per cent, to 38,825.40. The S&P 500 was higher by 3.77 points, or 0.07 per cent, at 5,357.80, while the Nasdaq Composite gained 16.97 points, or 0.10 per cent, to 17,204.87. 

Chip giant Nvidia reversed its early gain and declined 2.2 per cent a day after its market valuation crossed $3 trillion. Nvidia gained 0.8 per cent in early session.

Big Lots tumbled 19.5 per cent after the retailer reported a larger quarterly loss than expected.

Another retailer Five Below fell 12.3 per cent after weak quarterly results.

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Robinhood Markets’ stock gained 1 per cent after saying it agreed to buy cryptocurrency exchange Bitstamp.

The yield on the 10-year Treasury rose to 4.29 per cent from 4.28 per cent late on Wednesday. The 2-year yield was holding steady at 4.73 per cent.

Crude oil

Oil prices edged higher on Thursday after the Saudi energy minister said that OPEC ’s planned production changes can be reversed.

West Texas Intermediate traded above $74 a barrel and Brent hovered near $79.

Bullion

Gold prices rose on Thursday after weaker-than-expected US jobs data.

Spot gold was up 0.4 per cent at $2,363.58 per ounce as of 1441 GMT. US gold futures rose 0.3 per cent to $2,383.50. 

Spot silver rose 1.7 per cent to $30.53 per ounce. 

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First Published:6 Jun 2024, 10:47 PM IST
HomeMarketsStock MarketsWall Street today: US stocks mixed after weak labour data, Dow Jones rises

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