The market is moving higher on Thursday after Wednesday’s quiet session, with the S & P 500 less than 1% away from its record close on March 28. The Dow is up around 270 points, on pace for its seventh straight winning day. Stocks are being supported by the bond market, with the yield on the 10-year Treasury note initially higher, but retreating after initial jobless claims hit their highest levels since August. This follows the “bad news is good news” market reaction to the recent jobs report. Notable economic data reports are expected in the coming days, including consumer sentiment survey results and producer and consumer price indices.
The only sector in the red on Thursday was technology, with solar stocks underperforming after SolarEdge gave disappointing guidance. Solar stocks are extremely interest-rate sensitive, and have seen declines in the past year. Although chip stocks were mostly lower, there is potential for growth in AI chips as indicated by positive AI spending updates from Arista Networks earlier in the week. Club holding Salesforce was the worst performer in the Dow on Thursday, likely due to reported competitive concerns about Alphabet’s interest in buying HubSpot. The top-performing sectors in the S & P 500 were real estate, utilities, and energy.
Important earnings reports for the week include Array Technologies, Insulet Corp, and Akamai Technologies on Thursday, and Canadian energy pipeline company Enbridge on Friday. Subscribers to the CNBC Investing Club with Jim Cramer receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio, and 72 hours after discussing a stock on CNBC TV. All information provided is subject to terms and conditions, privacy policy, and disclaimer, with no guaranteed outcome or profit.
Overall, the market is showing positive movement on Thursday, with the Dow up and nearing record highs. Technology stocks, particularly in the solar sector, are underperforming, while real estate, utilities, and energy are leading the way. Notable earnings reports are expected in the coming days, with subscribers to the CNBC Investing Club receiving trade alerts before Jim Cramer makes any trades. It is important to note that all information provided is subject to terms and conditions, with no guaranteed outcome or profit.
