U.S. stocks fluctuated on Thursday, as investors assessed data showing an unexpected jump in jobless claims. A slate of solid earnings from major companies, such as Tesla Inc. and Twitter Inc., also influenced the market.
The S&P 500 Index climbed up by 0.1% during today’s session. The Stoxx Europe 600 Index also surged forward by 0.2%. Meanwhile, Germany’s DAX Index gained 0.2%, and the MSCI Asia Pacific Index soared by 0.2%.
Overall, the S&P 500 Index changed insignificantly on Thursday after four days of gains. On the other hand, the Nasdaq 100 Index tumbled down. Microsoft Corp. also lowered after cloud growth slowed.
However, Twitter rallied after daily-user growth surged, and Tesla Inc. increased after its results beat estimates. The greenback strengthened after U.S. initial claims reported the first increase since March. Treasuries advanced as well, but oil plummeted down.
In Europe, the Stoxx 600 Index surged forward on gains in consumer and carmakers products, led by Unilever NV’s rally after sales dropped by less than expected. The yield on Italy’s benchmark bonds tumbled down below 1% for the first time since March amidst an uproar over the Europe Union’s pandemic recovery package.
Shares fluctuated in Asia as well. WTI crude oil turned lower, trading just below $42 a barrel in New York.
What do investors and experts think?
Investors trading risk assets are focusing on positive signals while they seem to be looking beyond soaring U.S.-China tensions. Even though the Covid-19 pandemic crushed activity in the previous three months, companies are mostly stating that business has picked up in recent weeks as lockdowns ended.
Some of them are even beginning to continue with guidance, Philip Morris International Inc. among them.
Mark Haefele, the chief investment officer of global wealth management at UBS AG in Zurich, noted that they expect the rally to broaden out, and they also do see upside for stocks in the second half of the year. According to him, there are very few alternatives to equities right now.