Tech stocks led the markets higher on Thursday as investors eagerly awaited the upcoming US jobs report for clues on interest rates. The Dow Jones Industrial Average rose by approximately 0.4%, rebounding from three consecutive days of losses. The S&P 500 and Nasdaq Composite also saw gains of 0.7% and 0.8%, respectively, building on slight increases from the previous session.
Investors were relieved after Federal Reserve Chair Jerome Powell reassured them that the central bank would not shy away from making rate cuts. Powell’s comments came amidst signs of economic acceleration, which had raised concerns about potential rate hikes. By maintaining the stance that the Fed will cut rates this year, Powell effectively put the rate debate to rest for the time being.
Attention has now turned to the March jobs report, set to be released on Friday morning. Experts anticipate no cracks in the strong US labor market story, despite a slight increase in initial jobless claims reported by the Department of Labor on Thursday.
In corporate news, Levi Strauss shares surged by 18% after the company raised its full-year earnings forecasts. Additionally, BlackBerry’s US-listed stock experienced a boost as the Canadian company’s cybersecurity unit helped deliver an unexpected quarterly profit.
Overall, the market’s focus on tech stocks and the upcoming jobs report reflects the ongoing uncertainty surrounding interest rates and economic growth, making for a dynamic and engaging trading environment.