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US stocks rose on Thursday as a fresh earnings batch provided mixed results and a reading on unemployment claims showed evidence that the labor market continues to cool.
The Dow Jones Industrial Average (^DJI) rose about 0.4% in an effort to extend a six-day winning streak. The S&P 500 (^GSPC) gained 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.1%.
Stocks have lost some of their bounce — but mostly avoided bigger losses — after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer, with resistant inflation the sticking point.
However, initial weekly jobless claims data released on Thursday came in at 231,000, an increase of 22,000 from the prior week and the highest level since August. The latest Department of Labor print signals the job market continues to slow.
Meanwhile, a downbeat annual revenue forecast from Arm (ARM) cast doubt on the hopes for AI growth that have boosted chip stocks. The chip designer’s shares fell roughly 3%, with sector peers Nvidia (NVDA) and AMD (AMD) down slightly.
Warner Bros. Discovery’s (WBD) before-the-bell earnings missed estimates, providing little support for investors looking to corporate results for a catalyst. Shares in the media company fell 2%. Roblox (RBLX) stock plummeted after it said players were not spending as much within its video-game platform.
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