04.09.202516:43:29UTC+00US Stocks Gain Traction

U.S. stocks experienced a slight uptick during Thursday afternoon trading as the latest economic data bolstered expectations for several Federal Reserve rate cuts this year. The major equity indices saw gains of about 0.5%, with the S&P 500 and the Dow Jones Industrial Average nearing their all-time highs by less than 0.5%. Notably, the U.S. private sector reported an addition of merely 54,000 jobs in August, while initial unemployment claims reached a two-month peak, signaling a deceleration in the labor market ahead of tomorrow's crucial payroll report. Conversely, the ISM Services PMI increased to its highest level in six months, though the continued reduction in workforce numbers and significant price increases left the precise policy direction unclear. The consumer discretionary sector led performance by a significant margin, whereas the materials and technology sectors registered declines. Amazon surged by 3.5%, Meta rose by 1.5%, and Broadcom shares increased by 0.4% ahead of its impending quarterly earnings release post-market. Contrastingly, Salesforce saw a 6% decline following an underwhelming company forecast.