World markets today: US stocks gain on rate cut hopes

US stocks gained on Thursday as recent economic data boosted hopes for interest rates cut  by the Federal Reserve later this year.

At 9:35 a.m. ET, the Dow Jones Industrial Average was up 278.08 points, or 0.71 per cent, at 39,405.22, the S&P 500 was up 42.35 points, or 0.81 per cent, at 5,253.84, and the Nasdaq Composite was up 159.32 points, or 0.98 per cent, at 16,436.78. 

ALSO READ: Stock market today: Sensex, Nifty 50 snap 2-day losing run ahead of RBI policy

Initial jobless claims rose to 221,000 for the week ended March 30, showed labour data. While a comprehensive jobs data for Match is due on Friday.

On Wednesday, a  report showed the US services industry growth slowed further in March.

Shares of Meta Platforms, Amazon.com and Nvidia rose between 1.2 per cent and 3.1 per cent.

Micron Technology soared 1.5 per cent to hit a fresh record high.

Levi Strauss climbed 16.8% after the apparel maker raised its annual profit forecast.

Conagra Brands shares jumped 4.1 per cent.

The yield on the 10-year Treasury eased to 4.32 per cent from 4.35 per cent late on Wednesday. The 2-year yield was steady at 4.67 per cent.

Europe

European stock markets rose on Thursday. Britain’s FTSE 100 edged up 0.6 per cent at 7,985.01. France’s CAC 40 added less than 0.1 per cent at 8,158.18. Germany’s DAX rose 0.3 per cent at 18,413.61.

The Euro Stoxx 50 gained 0.3 per cent at 5,082.25.

ALSO READ: More stock market news

Asia

In Asian stock markets, Japan’s Nikkei 225 rose 0.8 per cent at 39,773.14.

Hong Kong’s Hang Seng Index and China's Shanghai Composite were closed for a holiday.

Crude oil

Crude oil prices were flat on Thursday amid ongoing geopolitical tensions.

Brent futures for June rose by 3 cents, or 0.03 per cent, to $89.38 a barrel at 1330 GMT. US West Texas Intermediate (WTI) futures for May fell by 3 cents, or 0.04 per cent, to $85.40 a barrel.

Gold

Gold prices eased on Thursday after hitting an all-time high above $2,300 per ounce earlier in the session.

Spot gold was down 0.3 per cent at $2,291.88 per ounce as of 10:04 a.m. EDT (1406 GMT). US gold futures fell 0.3 per cent to $2,308.30.