US market today: Wall Street edges higher near records; traders weigh corporate earnings and rate-cut expectations
US stocks were largely steady on Thursday, holding close to record levels as investors assessed a mixed set of corporate results and fresh labour market indicators. The S&P 500 was up 0.1% in early trade and is now just 0.5% shy of its all-time high, reported AP. The Dow Jones Industrial Average added 99 points, or 0.2%, while the Nasdaq Composite was flat. At the opening bell, the Dow inched up 5.3 points and the S&P 500 and Nasdaq gained 0.24% and 0.31% respectively, according to Reuters.Lower-priced retailers were among the early winners. Dollar General surged 6.4% after posting stronger-than-expected quarterly profit as more shoppers visited its stores, while Five Below rose 0.8% after beating earnings forecasts and issuing upbeat guidance for the holiday season. Salesforce also inched up 0.7%, delivering a profit that topped expectations although its revenue fell slightly short. As per news agency AP, CEO Marc Benioff said the company was “uniquely positioned for this new era” of AI.Kroger, meanwhile, slipped 3.8% after its quarterly revenue fell below estimates. Snowflake plunged 8.6% despite beating profit and revenue forecasts, with UBS analysts noting the pressure that followed its previous blockbuster quarter, according to AP. Growth in its key product revenue segment also slowed.Market sentiment has been shaped heavily by expectations of a Federal Reserve rate cut next week — which would be the third this year — as policymakers look to support a cooling job market. Investors favour lower rates because they tend to lift asset prices, though easing too soon could reignite inflation.Fresh US labour market data released on Thursday offered mixed signals. Jobless claims fell to their lowest level in more than three years, and layoff announcements dropped sharply from October’s surge, according to figures cited by AP.The encouraging data nudged the 10-year Treasury yield up to 4.08% from 4.06%.Global markets were mixed, with European shares rising modestly and Asia showing a split trend. Japan’s Nikkei 225 jumped 2.3%, while South Korea’s Kospi slipped 0.2%.
