(Telestock) – Great session on Wall StreetAfter Better-than-expected data on the labor marketwhich have eased concerns about an economic slowdown and a potential recession. In particular, before the bell, the US Department of Labor has press release that jobless claims were 233,000 in the last week, down 17,000 from 250,000 the previous week and lower than the 241,000 analysts had estimated
According to the CME’s FedWatch tool, traders see a 70% chance of a 50 basis point rate cut by the Federal Reserve to Septemberwith the possibility of two more cuts by the end of 2024. Meanwhile, the VIX – also known as Wall Street’s “fear gauge” – is hovering at 26 points, up from Wednesday’s low but far from Monday’s peak.
As regards the quarterly, Eli Lilly raised its full-year profit forecast after a strong quarter, with weight-loss drug Zepbound topping $1 billion in sales for the first time in a quarter. Newvax cut its full-year revenue estimates on lower COVID vaccine sales. Under Armour raised guidance after a better-than-expected first quarter.
Among others Company Announcements, Merck halted trials of a lung cancer drug; Warner Bros.Discovery wrote down the value of its traditional TV networks by $9.1 billion, an acknowledgement of how quickly streaming is eroding the cable business model.
Looking at the main indexesthe US stock market shows a gain of 1.39% on Dow Jones; on the same line, it moves with the wind at its back theS&P-500which reaches 5,297 points. Excellent performance by the Nasdaq 100 (+2.52%); with a similar direction, a clear improvement in theS&P 100 (+2.01%).
In the spotlight on the North American S&P 500 index compartments informatics (+2.72%), telecommunications (+2.28%) and secondary consumer goods (+1.79%).
To the top between Wall Street Giants, Intel (+3.99%), Salesforce (+2.66%), Amgen (+2.42%) and IBM (+2.31%).
The strongest sales, however, are seen on Walt Disneywhich continues trading at -1.16%.
Between best performers of the Nasdaq 100, ON Semiconductor (+6.84%), KLA-Tencor (+5.88%), MicrochipTechnology (+5.81%) and Marvell Technology (+5.66%).
The strongest drops, however, occur on Monster Beveragewhich continues the session with -11.32%. Letter on Warner Bros.Discoverywhich recorded a significant drop of 9.26%. Disappointing Fortinetwhich settles just below the levels of the day before. Weak American Electric Power Companywhich shows a small decrease of 0.98%.