Stock market today: Indexes edge up after Fed and as trader eye Apple earnings
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- US stocks rose Thursday after the Fed meeting and as investors eyed Apple earnings.
- Jobless claims were about unchanged from the previous week, coming in below forecasts.
- Expectations heading into Apple earnings are mixed, with analysts seeing a tough period for the iPhone maker.
US stocks rose Thursday morning following Wednesday's Federal Reserve meeting and as traders geared up for Apple earnings after the closing bell.
Markets reacted mostly positively as the Fed opted on Wednesday to maintain the target range for the benchmark rate at 5.25%-5.50%. Importantly, Chairman Jerome Powell signaled that the central bank was not eyeing further hikes as some in the market had begun to fear amid sticky inflation.
"I think it's unlikely that the next policy rate move will be a hike. I'd say it's unlikely," Powell said, while reassuring investors, that he doesn't see stagflation on the horizon.
Data from the Labor Department showed weekly filings for unemployment benefits remained unchanged at 208,000 in the seven days ending April 27, coming in below the forecast of 212,000.
Markets will next turn to April's nonfarm payroll report, due out on Friday at 8:30 a.m., for further clues about the strength of the economy and the potential timeline for the Fed to ease monetary policy.
In markets, all eyes are on Apple's earnings set for release after the closing bell. Expectations are mixed, with analysts seeing some weakness brewing for current gen products but hopeful for an AI-powered iPhone to juice demand.
Expectations are for the tech firm to report revenue of $90.33 billion and earnings per share $1.50.
Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:
- S&P 500: 5,053.73, up 0.7%
- Dow Jones Industrial Average: 38,099.61, up 0.52% (+196.32 points)
- Nasdaq Composite: 15,736.86, up 0.85%
Here's what else is going on:
- Wall Street needs a new rhyme for "sell in May and go away."
- Amazon stock has 17% upside as earnings reveal a 'new era' of profits for the tech titan, Bank of America says.
- Trump says he wants huge tariffs if elected. That could send inflation soaring.
In commodities, bonds, and crypto:
- West Texas Intermediate crude rose 0.4% $79.32 a barrel. Brent crude, the international benchmark, was up 0.5% to $83.82a barrel.
- Gold traded at $2,304 an ounce.
- The 10-year Treasury yield rose six basis points to 4.651%.
- Bitcoin ticked up 1.8% to $58.572.