FILE - Assembly line worker Lashunta Harris applies the Ford logo on a 2024 Ford F-150 truck being assembled at the Dearborn Truck Plant, April 11, 2024, in Dearborn, Mich.Stock futures rose and bonds fell after the latest labor-market reading helped ease fears about a more pronounced economic slowdown.
Equities rebounded sharply in early trading as data showed US initial jobless claims tumbled by the most in nearly a year, with the numbers also coming below estimates. As economic angst subsided, Treasuries dropped across the curve, with the market also tasked with absorbing a $25 billion sale of 30-year bonds later Thursday.the Fed is waiting too long to cut rates from a two-decade high, jeopardizing prospects for a soft landing.
“Some good news this morning with jobless claims coming in less than expected,” said Chris Zaccarelli at Independent Advisor Alliance. “It’s hard to believe a recession has already began. We are exercising caution, but think that the panic that started earlier in the month was overblown.S&P 500 futures rose 1%, with tech leading gains in pre-market trading. Nvidia Corp. jumped 2%. Eli Lilly & Co. soared 12% on a bullish outlook.
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