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August 8, 2024 Stock Market Update

Traders on the floor of the New York Stock Exchange (NYSE) in New York City experienced a surge in stocks on Thursday, following positive labor market data that boosted investor confidence in the U.S. economy. After a sharp market sell-off earlier in the week, the S&P 500 advanced 2.3%, closing at 5,319.31, marking its best day since November 2022. The Dow Jones Industrial Average also saw a significant increase, surging 683.04 points, or 1.76%, to 39,446.49, while the Nasdaq Composite added 2.87%, ending at 16,660.02.

One of the key drivers of the market rally was pharmaceutical giant Eli Lilly, which surged 9.5% after reporting better-than-expected earnings and raising its full-year outlook. The strong demand for diabetes treatment Mounjaro and obesity drug Zepbound contributed to the company’s positive performance. Additionally, momentum names that had suffered earlier in the week bounced back on Thursday, with chipmakers Nvidia and Broadcom both jumping by more than 6%. Tech giants like Meta Platforms and Apple also saw gains, climbing 4.2% and 1.7% respectively.

The positive momentum in the market was further supported by the latest weekly jobless claims data, which came in below forecasts. The Labor Department reported that first-time filings for jobless benefits totaled 233,000 last week, down 17,000 from the previous week and lower than the Dow Jones estimate of 240,000. This news helped allay concerns about the strength of the labor market and contributed to the market’s upward trajectory.

In response to the jobless claims data, the 10-year Treasury yield hit 4%, a level not seen since before the disappointing July jobs report that had sent markets reeling. Additionally, a weaker Japanese yen versus the U.S. dollar also played a role in boosting markets on Thursday. The yen’s surge earlier in the week had caused the unwinding of a popular carry trade with hedge funds, which was cited as a factor in Monday’s stock drop.

Liz Young Thomas, SoFi’s head of investment strategy, commented on the market rally following the positive jobless claims numbers, noting that the market is now more sensitive to incoming data. This increased sensitivity could lead to more volatility as conflicting data is released in the future. Despite the market’s recovery on Thursday, the major averages are still lower for the week, with the S&P 500 down 0.5%, and the Dow and Nasdaq lower by around 0.7% each.

Overall, Thursday’s market rally was a welcome relief for traders after a tumultuous start to the week. The positive labor market data, strong earnings reports, and favorable currency movements all contributed to the market’s upward momentum. However, with increased sensitivity to incoming data, investors should be prepared for potential volatility in the days ahead.

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