On Thursday, the S&P 500 ended higher with the Dow Jones rising by 683 points (1.8%), the S&P 500 climbing 2.3%, and the NASDAQ Composite gaining 2.9%. This was driven by better-than-expected jobless claims data, which came in at 233,000, below the forecast of 241,000. Richmond Fed President Thomas Barkin suggested the Fed can wait before considering rate cuts, reducing immediate rate cut speculation.
In earnings news:
-Eli Lilly saw a 9% stock increase after raising its profit forecast.
-Bumble's stock fell 29% due to a reduced revenue forecast.
-Warner Bros Discovery dropped 9% after reporting a $10 billion loss and write-downs.
-Under Armour's stock surged 19% on strong earnings.
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