The S&P 500 Index ($SPX) (SPY) Thursday closed up +2.03%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.79%. June E-mini S&P futures (ESM25) are up +2.05%, and June E-mini Nasdaq futures (NQM25) are up +2.80%.
Stock indexes rallied on Thursday, with the S&P 500 posting a 3-week high and the Nasdaq 100 posting a 2-week high. Strength in megacap technology stocks and chip makers boosted the broader market after Texas Instruments and Lam Research reported better-than-expected earnings results. Signs of a stable US labor market also support stocks after weekly initial unemployment claims rose as expected, and weekly continuing claims fell to a 10-week low. In addition, lower T-note yields are positive for stocks, with the 10-year T-note yield falling -7.6 bp to 4.305% after Cleveland Fed President Hammack said the Fed could cut rates in June if it has clear, convincing data and after Fed Governor Waller said he would support Fed rate cuts if tariffs led to job losses.
