Stock markets rose on Thursday as Wall Street received signals that the U.S. consumer and labor markets remained strong. The Nasdaq Composite (IXIC) jumped nearly 1.2%, while the benchmark S&P 500 (GSPC) and Dow Jones Industrial Average (DJI) gained about 1%.
Retail giant Walmart (WMT) earnings, along with monthly government retail sales data and an update on jobless claims, dominated headlines Thursday morning. Walmart shares jumped more than 7% after a largely positive report in which it beat expectations on both earnings and revenue. The company also raised its full-year outlook.
Retail sales, meanwhile, beat Wall Street expectations last month, a sign that U.S. consumers remain fairly resilient. Retail sales rose 1% in July, versus expectations of 0.4%.
Also in focus is the weekly jobless claims report. Last week, those claims fell more than expected, sparking a market surge that has spread widely throughout this week. And they fell again this week to 227,000, upsetting expectations for a recovery. As Yahoo Finance’s Josh Schafer writes, as inflation continues to recede, the jobs market is “where the action is going to be” for the Fed in the near future.
After a brutal start to August, stocks have been rallying sharply, including in Wednesday’s session after the consumer price index posted its smallest year-over-year gain since early 2021. The S&P 500 has nearly recovered all of its losses after a selloff that began earlier this month.
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