{"id":20840,"date":"2023-06-10T07:22:20","date_gmt":"2023-06-10T11:22:20","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-closes-higher-as-tech-shines-after-treasury-yields-stumble\/"},"modified":"2023-06-10T07:22:21","modified_gmt":"2023-06-10T11:22:21","slug":"stock-market-today-dow-closes-higher-as-tech-shines-after-treasury-yields-stumble","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20840","title":{"rendered":"Stock market today: Dow closes higher as tech shines after treasury yields stumble"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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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.<\/p>\n

The rose 0.5%, or 168 points higher, the rose 1%, and the was up 0.6%,<\/p>\n

Initial Jobless claims rose 28,000 to 261,000, the largest jump since October 2021, pointing to signs of cooling in the labor market.<\/p>\n

\u201cWe 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,\u201d Jefferies said in a note.<\/p>\n

Treasury yields fell on the news as bets on the Fed pause , underpinned by growth sectors of the market including tech and consumer discretionary.<\/p>\n

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

Adobe Systems Incorporated (NASDAQ:) 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.<\/p>\n

The announcement arrived just a week ahead of Adobe\u2019s second-quarter results due June 15. The software maker\u2019s 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.<\/p>\n

GameStop (NYSE:), meanwhile, slid nearly 18% after the video company reported that missed estimates and announced it had fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman.<\/p>\n

The shakeup at the top, however, isn\u2019t likely to provide the company with the impetus needed to turn around performance, Wedbush said in a note Thursday.<\/p>\n

\u201cWe 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,\u201d Wedbush added after cutting its price target on the stock to $6.20 from $6.30.<\/p>\n

Carvana <\/span><\/span> (NYSE:) 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.<\/p>\n

Tesla (NASDAQ:) 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.<\/p>\n

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.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. 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 rose 0.5%, or 168 points higher, the rose 1%, and the was up 0.6%, Initial […]<\/p>\n","protected":false},"author":1,"featured_media":20841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-20840","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock market today: Dow closes higher as tech shines after treasury yields stumble | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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