S&P 500 jumps as cyclicals stocks shine; Nvidia dips
Investing.com -- The S&P 500 jumped Thursday, led by cyclical stocks including financials and industrials boosting the broader market at time when tech lagged amid a slight wobble in Nvidia.
At 1:11 p.m. ET (1811 GMT), the Dow Jones Industrial Average rose 581 points, or 1.3%, the S&P 500 index added 0.7%, and the NASDAQ Composite rose 0.2%. Initial jobless claims fall
The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, with initial claims dropping 6,000 to a seasonally adjusted 213,000.
This suggests job growth rebounded in November after abruptly slowing last month amid hurricanes and strikes, implying the underlying US labor market remains strong.
The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report.
Nonfarm payrolls increased by a scant 12,000 jobs in October, the smallest gain since December 2020, after rising by 223,000 in September.
The market focus now turns to purchasing managers index data for November on Friday, while several Federal Reserve officials are also set to speak in the coming days. Nvidia rises despite weak guidance
Nvidia (NASDAQ:NVDA ) shares traded below the flatline after the tech giant beat expectations in the third quarter, though its fourth-quarter revenue forecast underwhelmed some traders hoping for a much bigger beat.
The revenue forecast presented a sharp slowdown in Nvidia’s quarterly revenue growth, given that the company guided much stronger year-on-year increases in revenue for the past three quarters.
Nvidia, which recently overtook Apple (NASDAQ:AAPL ) to become the world’s most valuable listed company, also flagged supply constraints, especially in its upcoming Blackwell line of next-generation AI chips, while adding that demand for its advanced AI chips remained robust. Starbucks looking at China options - report
In other corporate news, Starbucks (NASDAQ:SBUX ) stock rose around 1% after Bloomberg reported the coffee chain is considering options for its China business, including a potential stake sale, as it attempts to revitalize sales under new CEO Brian Niccol.
Snowflake (NYSE:SNOW ) stock soared over 33% after the data analytics software maker reported fiscal third-quarter earnings that beat estimates.
Baidu (NASDAQ:BIDU ) stock fell over 6% after the Chinese tech giant posted an annual drop in third-quarter revenue.
(Peter Nurse, Ambar Warrick contributed to this article.)
Source: Investing.com
