Advertisment
Stocks were little changed Thursday, as investors awaited the next market catalyst and digested the recent rally.
The Dow Jones Industrials gained 78.13 points to start Thursday at 33,743.15.
The much-broader S&P 500 recovered 8.54 points to 4,276.06.
The NASDAQ index was back in the gain column, 53.66 points to 13,158.55.
GameStop shares tumbled roughly 19% after the video game retailer announced CEO Matthew Furlong’s firing. It also appointed Ryan Cohen as its executive chairman.
Meanwhile, mega-cap tech stocks underperformed for a second day. Shares of Microsoft pared back 2.7% and Google lost 3.3%. Semiconductor giant Nvidia lost an additional 1.1%, while Amazon declined 3.1%.
New weekly jobless claims data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labor market. The uptick also raised expectations the Federal Reserve would pause its rate-hiking campaign at its meeting next week.
Prices for the 10-year Treasury gained ground, dropping yields to 3.74% from Wednesday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices slid 45 cents to $72.08 U.S. a barrel.
Gold prices shot higher $23.20 to $1,981.60 U.S. an ounce.
