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In the late trading session on Thursday, US indices saw a significant increase after a three-day decline on the back of statistics that confirmed a recovery in the US labor market.
Thus, according to the latest data, initial claims for jobless benefits totaled 444,000 last week compared to the previous week's 478,000. This is the lowest level since the COVID-19 pandemic in the United States began.
Securities and other risky assets have come under pressure this week amid fears of accelerating inflation and a rapid economic recovery. Market participants consider this as a possible reason for the US central bank to phase out its stimulating policy.
Minutes from the Federal Reserve's April meeting showed that some Fed officials are ready to consider changing monetary policy due to the stable US economic recovery.
Against this background, the S&P 500 gained 1.1% to 4,159.12 on Thursday. The Dow Jones Industrial Average rose by 0.6% to settle at 34,084.15. The Nasdaq Composite Technology Sector Index added 1.8 %, soaring to 13,535.74.
After Thursday's impressive rally, the S&P 500 and Dow Jones are off just 2% from their two-week highs, while the Nasdaq Composite is down 4.3% from its late April high.
The technology and communication services sectors led the way in the S&P 500, which increased by more than 1.5%. Stocks in these sectors have been particularly sensitive to worries about rising interest rates, since their earnings are expected to come further in the future. As you know, a rise in yields increases the value of current earnings relative to future ones.
In the meantime, bitcoin started to gain in value. The cryptocurrency added more than 5% to $40,341 following the recent frenzied selloff, which boosted risk appetite in the market. As a result, shares of US cryptocurrency exchange operator Coinbase Global, as well as Riot Blockchain and Marathon Digital Holdings cryptominers advanced significantly.
Ethereum skyrocketed by 1.0% to $ 2,804. Today, cryptocurrencies are becoming an important part of the market as the BTC selloff reflects a shift in traders' appetite for risk.
At the same time, retailers are still in a difficult situation due to changes in consumer behavior amid the COVID-19 vaccination. Thus, Ralph Lauren's stock sank by 7.0%, while the shares of Gap and L Brands fell by 4.0%.
Experts believe that today consumers try to seize the opportunity to travel, sit in cafes and restaurants, and spend their savings. However, when they get back to work, they will most likely spend money mainly on clothing and food.
The 10-year US Treasury yield slipped to 1.631% on Thursday from 1.680% the day before. Meanwhile, the pan-European Stoxx Europe 600 was up by 1.3%.
As for the main indices of the Asia-Pacific region, Thursday's dynamics were mixed. Thus, China's Shanghai Composite lost 0.1%, the South Korean Kospi fell by 0.3%, the Hong Kong Hang Seng sank by 0.5%, while the Japanese Nikkei 225 rose by 0.2%.
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