Markets
Here are today’s market moves:
S&P 500 down 0.36% to 4,192.85
Dow Jones down 0.07% to 34,577.04
Nasdaq down 1.03% to 13,614.51
Bitcoin: $38,770
US10Y: 1.627%
What Happened?
The S&P 500 and Dow Jones fell on Thursday as technology shares retreated and treasury yields rose.
Jobless claims fell 20,000 to 385,000 last week – a pandemic low.
A continued recovery in the labor market is scaring investors that the Fed might shift policy earlier than expected. Good economic data = bad news for the stock market.
The crypto market gained slightly, with Bitcoin up 3% to 38,800. The market has been pretty stable in recent days, even as the Nasdaq fell 1% today.
What Else?
This Week
Monday: Memorial Day.
Tuesday: Earnings expected from Canopy Growth, HP, and Zoom.
Wednesday: Earnings expected from Cloudera, NetApp, and Splunk.
Thursday: Earnings expected from BroadCom, DocuSign, and Lululemon. Weekly jobless claims.
Friday: Unemployment rate released.