(News Bulletin 247) – US equity markets rose slightly on Thursday morning following the announcement of a larger than expected rise in jobless claims, which could prompt the Fed to moderate its action.

One hour after the opening, the Dow Jones advanced 0.2% to 33,747 points, while the Nasdaq Composite won 0.4% to 13,156.8 points.

To the great relief of investors, the latest indicators continue to suggest that the job market is slowing, as the last report from the Department of Labor published last Friday already suggested.

The number of registrations for unemployment benefits thus increased by 28,000 during the week of May 29 to stand at 261,000, its highest level since October 2021.

For comparison, economists expected only 238,000 registrations.

The market is comfortable with these figures because they imply that the Federal Reserve could reduce the pace of its monetary tightening due to the deterioration in the labor market.

On the bond compartment, the yield of 10-year Treasuries accentuated its decline after the statistics, losing nearly four basis points to drop below the 3.75% mark.

The dollar also widens its losses and yields nearly 0.6% against the euro, which rises to around 1.0775.

Released in the morning, wholesale inventories fell 0.1% in April sequentially, after falling 0.2% the previous month.

As for values, Amazon climbed more than 3% after favorable comments from analysts at Wells Fargo, who made the action their ‘preferred value’ among the major Internet players.

Against the trend, GE HealthCare loose 3% following the placement of 25 million shares held by GE at a price of 78 dollars per title, a discount of more than 3% on the closing price last night.

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