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Stock market today: Dow closes higher as tech shines after treasury yields stumble

Published Jun 08, 2023 04:11PM ET
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Investing.com -- The Dow closed higher Thursday as tech resumed its advance supported by a drop in Treasury yields after data showing jobless claims jumped to 20-month highs stoked expectations for a Federal Reserve pause next week.

The Dow Jones Industrial Average rose 0.5%, or 168 points higher, the Nasdaq rose 1%, and the S&P 500 was up 0.6%,

Initial Jobless claims unexpectedly rose 28,000 to 261,000, the largest jump since October 2021, pointing to signs of cooling in the labor market.

“We remain of the view that the risk of a full-blown layoff cycle later in the Summer remains substantial as businesses will look to cut costs and recapture more margin,” Jefferies said in a note.

Treasury yields fell on the news as bets on the Fed pause edged higher, underpinned by growth sectors of the market including tech and consumer discretionary.

With the exception of Alphabet (NASDAQ:GOOGL), big tech racked up gains led by Apple Inc (NASDAQ:AAPL), Meta Platforms Inc (NASDAQ:META) and Microsoft Corporation (NASDAQ:MSFT), with the latter announcing it will make its ChatGPT-infused AI models available to U.S. government agency.

Adobe Systems Incorporated (NASDAQ:ADBE) rose almost 5% after launching an enterprise tier for its AI art tool, Firefly, and said it was working with businesses to explore how the tool could help cut costs and boost efficiencies.

The announcement arrived just a week ahead of Adobe’s second-quarter results due June 15. The software maker’s Q2 results will be parsed for further updates on AI and its planned acquisition of Figma, Deutsche Bank said in a note, after hiking its price target on the stock to $500 from $430.

GameStop (NYSE:GME), meanwhile, slid nearly 18% after the video company reported quarterly results that missed estimates and announced it had fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman.

The shakeup at the top, however, isn’t likely to provide the company with the impetus needed to turn around performance, Wedbush said in a note Thursday.

“We remain convinced that GameStop is doomed, with declining physical software sales and a shift of sales to subscription services and digital downloads sealing its fate,” Wedbush added after cutting its price target on the stock to $6.20 from $6.30.

Carvana (NYSE:CVNA) jumped 56% after the online car seller upgraded its second-quarter outlook, forecasting adjusted gross profit per unit to top $6,000, compared with a prior forecast of above $5,000.

Tesla (NASDAQ:TSLA) also drove the broader market higher, a day after hitting its highest level of the year, as the EV maker is reportedly in talks with Spanish government officials about building a $4.8 billion gigafactory in Valencia.

Energy pared some losses as oil prices moved off session lows after the White House denied a Wall Street report suggesting it was close to agreeing an interim nuclear deal with Iran that would allow the latter to resume oil exports.

Stock market today: Dow closes higher as tech shines after treasury yields stumble
 

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Comments (10)
Ac Tektrader
Ac Tektrader Jun 08, 2023 8:40PM ET
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ya wonder what davey and dylan are getting paid to run their spam...
Dave Jones
Dave Jones Jun 08, 2023 8:40PM ET
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It's not me
Ac Tektrader
Ac Tektrader Jun 08, 2023 7:57PM ET
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looks like dylan and Davey are just more angry spam artists....
elliot trach
elliot trach Jun 08, 2023 7:27PM ET
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Dylan Mulvaney and Dave Jones with the exact same message--could they possibly be the same person!!?? And pumping the same Advisor. Let us know when you have a year if results, or several years---not3 days. If you persist in advertising an advisor, you will be reported. (May even be getting compensated for it?)
Derick Lim
Derick Lim Jun 08, 2023 6:04PM ET
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Yup ....trust the analysts will find any reason to rally the shares..
Dave Jones
Dave Jones Jun 08, 2023 6:04PM ET
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They invent narrative to explain the algos.
Dave Jones
Dave Jones Jun 08, 2023 4:58PM ET
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I love how bad economic data boosts the indexes. The worse it gets the better it is!
Dave Jones
Dave Jones Jun 08, 2023 4:56PM ET
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This article brought to you by chatgtp
soho electronics
soho electronics Jun 08, 2023 4:52PM ET
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love this. throw everything you learnt about economics and just buy tech. you can never loose
Ma Lu
Ma Lu Jun 08, 2023 4:52PM ET
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I think you can never loose with tech.
Adrian White
Adrian White Jun 08, 2023 4:52PM ET
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Ma Lu You can never lose, either. ;
dylan mulvaney
dylan mulvaney Jun 08, 2023 4:45PM ET
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"Wall Street ends up amid record low volatility ahead of eventful week"... I am sure record low volatility with higher than expected inflation numbers and unexpected increase in jobless claims and market pumping in anticipation of the Fed meeting will end well..
Jayne Doe
Jayne Doe Jun 08, 2023 4:45PM ET
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The volatility is the opposition of whatever is set. It must move at an equal rate to disappear.
Mario tragik
Mario tragik Jun 08, 2023 4:43PM ET
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ponzi keeps going, and it will go until in prints a new high
Casador Del Oso
Casador Del Oso Jun 08, 2023 4:29PM ET
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2YR yield still over 4.5%. More like down a sliver than a tumble.
 
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