Wall Street finishes higher following better than expected jobs data

4:16pm: Nasdaq cooled in the afternoon but still closed in the green

The blue chip index closed up 434 points, 1.3%, at 34,021. The Nasdaq improved 93 points, 0.7%, to 13,125, and the S&P 500 gained 49 points, 1.2%, to 4,123.

Apple Inc (NASDAQ:AAPL) shares gained 1.8% to $124.97, which helped the Nasdaw finish in the green, but losses from the likes of Tesla Inc (NASDAQ:TSLA) pulled the index down from its early morning high, including a brief dip into the red. Shares of the electric carmaker declined more than 3% to $571.69. 

12:43pm: Tech stocks rebound after Wednesday losses

The Dow was up 461 points, 1.4%, to 34,040 in early afternoon trading. The Nasdaq was up 98 points, 0.7%, to 13,128, and the S&P 500 added 4,115.

Driving the Nasdaq higher are Microsoft Corporation (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL), among others, both of which were up close to 2%.

10am: Proactive North America headlines:

Binovi Technologies Corp (OTCQB:BNVIF) (CVE:VISN) looks to improve K-12 students’ reading skills with CAVT-VERA-Binovi Connect integration

GlobeX Data Ltd (OTCQB:SWISF) (CSE:SWIS) (FRA:GDT) signs agreement for a distribution deal in Sri Lanka with Dialog Broadband Networks (Private) Limited

Byrna Technologies Inc (NASDAQ:BYRN) (CSE:BYRN) acquires Mission Less Lethal assets from US manufacturer Kore Outdoors

ESE Entertainment  Inc (CVE:ESE) (OTCQB:ENTEF) inks letter of intent to buy esports company Digital Motorsports

American Battery Metals Corporation (OTCQB:ABML)  wins conditional use permit approval for lithium battery recycling plant from planning commission in Fernley, Nevada

Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) (FRA:X6C) starts drilling again at Pamlico project in Nevada, USA

Bragg Gaming Group (TSX:BRAG) (OTC:BRGGD) reports surging revenue in 1Q results; adds a pair of new directors to its board

Numinus Wellness Inc (CVE:NUMI) brings on five new executives to help support growth across Health, R&D and Bioscience divisions

CytoDyn Inc (OTCQB:CYDY) strikes supply and distribution deal with Indian firm for leronlimb as coronavirus treatment

Harvest One Cannabis Inc (CVE:HVT) (OTCQX:HRVOF) expands LivRelief portfolio with the launch of its Extra Strength Transdermal CBD Cream

Deep-South Resources Inc (CVE:DSM) (OTCMKTS:DSMTF) (FRA:DSD) hires experienced consultancy Knight Piésold for scoping studies at Namibia copper project

ME2C Environmental Corp (OTCQB:MEEC) appoints Jami Satterthwaite as its chief financial officer

Recruiter.com Group Inc (OTCQB:RCRT) launches its ‘First Job’ Initiative to deliver curated pipelines of qualified first-time US job seekers

Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) (FRA:L0MA) acquires rights to award-winning Glacial Gold label in its first foray into branded consumer products

Milestone Scientific Inc (NYSEAMERICAN:MLSS) promotes its president Arjan Haverhals to the position of CEO

PharmaDrug Inc (CSE:BUZZ) (OTCPINK:LMLLF) promotes Dr Paul Van Slyke to Chief Scientific Officer for whole group

Biocept Inc (NASDAQ:BIOC) (FRA:B003) starts 2021 on a high with a profitable 1Q on revenue of $17.8M, driven by its coronavirus tests

Cloud Nine Web3 Technologies Inc (CNSX:CNI.CN) (OTCMKTS:CLGUF) (FRA:1JI0) closes first tranche of its non-brokered private placement of 908,655 units for gross proceeds of $1,244,857

Braxia Scientific Corp (CSE:BRAX) (OTCMKTS:SHRMF) (FRA:4960) opens first ketamine therapy clinic in Quebec

PyroGenesis  Canada Inc (TSE:PYR) (NASDAQ:PYR) (FRA:8PY) reports installation of $1M in plasma torch production equipment; plans to release 1Q results on May 17

GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GRSLF) (FRA:GPE) hails latest high-grade, near surface drill assays from Plomosas project in Mexico

Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) inks US$390,000 contract with the US Department of Defense

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) (OTCMKTS:LRTNF) (FRA:L11A) reports high-grade production at Red Lake project as mine enters final stages of ramp-up

CleanSpark Inc (NASDAQ:CLSK) buys modern Bitcoin mining rigs to increase mining rate and energy efficiency

XPhyto Therapeutics Corp (CSE:XPHY) (OTCMKTS:XPHYF) (FRA:4XT) advances its Rotigotine drug delivery system for Parkinson’s skin patches to a pivotal human trial

Endeavour Mining Corp (TSE:EDV) (OTCQX:EDVMF) (FRA:E5Y1) posts strong first quarter, which sees increased output and reduced costs

9.40am: Wall Street makes positive start

The main indices on Wall Street managed to make a positive start to Thursday’s session after the latest batch of jobless claims numbers came in better than expected.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.37% at 33,711 while the S&P 500 climbed 0.69% to 4,091 and the Nasdaq rose 1.09% to 13,173.

The uplift in market sentiment followed reports that jobless claims last week had fallen to 473,000, down from 507,000 previously and better than had been forecast.

Markets also seemed to shrug off a 6.2% jump in producer prices, although these may have already been priced in following the previous jump in the inflation numbers.

7:55am: Wall Street set for mixed start

Wall Street’s bad mood may not be entirely over, with Thursday’s session expected to get off a mixed to lower start as volatility continues to shake the market.

The Dow Jones Industrial Average is forecast to open down another 127 points or 0.41% while the S&P 500 is set for a 0.09% dip. But the Nasdaq Composite is in a better mood and is expected to add 0.31%.

After Wednesday’s higher than expected rise in the consumer price index to 4.2% compared to the forecast 3.6%, eyes now turn to the producer price index.

The PPI – as the name implies a measure of inflation from the perspective of producers rather than consumers – is expected to rise from 4.2% in March to 5.8% last month.

Michael Hewson at CMC Markets said: “Factory gate or producer prices tend to be leading indicators for future price rises further down the supply chain and…[a rise to 5.8%] could well be a leading indicator for another big rise in CPI in May.”

Chris Beauchamp, chief market analyst at IG, said: “After struggling to hold their ground following US CPI data yesterday, markets are bracing themselves for PPI data this afternoon.

“For stocks this might be an even tougher moment, given that companies may find themselves struggling to pass on price increases to customers, hitting profitability and putting the year-long earnings recovery in jeopardy.  Fed members have done their best to calm nerves in the wake of the CPI reading, but from the stock market reaction (although interestingly not the bond market’s view) it seems there is still plenty of concern that the rise in prices will not be transitory, and instead will have a meaningful impact on Fed policy in the months to come.”

There are also weekly US jobless claims, which will be in focus given Friday’s disappointing non-farm payroll numbers.

They are expected to edge down from 498,000 to 490,000.

On the corporate front, Walt Disney Co (NYSE:DIS) is set to release second-quarter results after the market closes,

Four things to watch for on Thursday:

• Big cap firms in the earnings diary include accommodation booking platform Airbnb Inc (NASDAQ:ABNB), crypto trading platform Coinbase Global Inc (NASDAQ:COIN) and food delivery app DoorDash Inc (NYSE:DASH)
• Shares in Tesla Inc (NASDAQ:TSLA) will be in focus after Elon Musk said the electric car maker will no longer accept payments in Bitcoin, citing concerns about the cryptocurrency’s impact on the environment
• Speaking of electric cars, Chinese firm Xpeng Inc (NYSE:XPEV) could also draw attention after its revenues beat expectations
• On the macro front, aside from the jobless claims data, there will also be US PPI readings to keep an eye on

Story by ProactiveInvestors