The Buzz on Business for May 10th 2024

Stocks moved moderately higher on Thursday and closed at or near their highs for the day as advancers led decliners by a respectable two-to-one. But volume fell again and this time to its lowest level in over a month.

On the one hand, an assault on the all-time highs seems to be at hand. On the other, this divergence, this lack of confirmation from volume, has got us more than a little bit worried.

Stock Market Report

Nothing but green numbers all up and down the Giant Quote Machine yesterday.

• • The Dow Jones Industrial were up for the seventh straight day and gained 331 points, that’s nine-tenths of a percent at 39,388.

• • The S&P 500 saw a one-half of one percent gain. It closed at 5,214, up 26 points.

• • The Nasdaq Composite struggled a bit but still finished near its high for the day at 16,346. That a gain of 44 points or 0.25%

• • The small-cap Russell 2000 had a pretty good day. It was up nine-tenths of a percent. That’s a bit over 18 points and starts the day today at 2,074.

Bond Market Report

Rates were lower across the board on Thursday.

• • The 2-year treasury closed yielding 4.811%, off three basis points.

• • The 20-year was also off three ticks and closed at 4.707%

Oil, Gold, and Bitcoin

• • Oil was up $0.34, and a barrel now changes hands at $79.52.

• • Gold had a pretty good day. It was up $34.50 and a troy ounce will now set you back $2,350.60

• • And Bitcoin had a small gain. It was up 276.92 and at 4 PM ET stood at 62,443.91.

Labor Market Weakens?

Initial Claims for Unemployment came in above expectations and at the highest level since November of last year, although Continuing Claims did manage to beat its number.

Given these numbers and last week’s disappointing jobs report, it seems the labor market is indeed slowing, if from a relatively strong position earlier this year.

Does this change our view on the likelihood or wisdom of rate cuts anytime soon?

Why don’t you check back with us on Tuesday when the Producer Price Index complex rolls out?