Highest Jobless Claims Since August – US Market Wrap

– The stock market climbed to its highest level since early April, extending a rebound that’s been fueled by speculation the Federal Reserve will be able to cut interest rates this year.
– Equities rose as higher-than-estimated jobless claims reinforced bets on US policy easing – with the market extending gains after a $25 billion sale of 30-year bonds saw good demand.
– The S&P 500 traded less than 1% away from its all-time high. Amazon led gains in megacaps. Apple will deliver some of its upcoming artificial-intelligence features this year via data centers equipped with its own in-house processors, according to people familiar with the matter.
– Treasury 10-year yields declined four basis points to 4.46%. The pound rose, despite growing confidence the Bank of England can soon begin loosening policy.
– Initial jobless claims rose last week to the highest level since August, topping estimates. US policymakers are keeping a close eye on labor demand and wage growth as they debate when it might be appropriate to ease policy. Fed’s Daly said rates are currently restraining the economy, but it may take “more time” to return inflation to their goal.