Market Can See Clearly Now the Rain Has Gone | Morning Moovers

Morning mooers!

It is Thursday, April 4th; the rain is gone in NYC and the market is open, green and chugging away. My name is Kevin Travers, moomoo news, here are the morning moovers today:

7,800 equities are in the green, while just 2,400 are falling.

Oil has been on a tear this past week, hitting the highest prices in five months Wednesday. the commodity is hitting a little pullback Thursday, as futures tracked by moomoo are down about 0.1%.

OPEC+ held a ministerial meeting on Wednesday that ended without changes to the cartel's production policy. The cartel stuck to voluntary cuts of 2.2 million barrels per day.

Spot Gold also hit an all-time high Wednesday and continues to trade at $2,313 Thursday.

Indexes opened higher Thursday after starting the second quarter with a pullback day on Monday. After words from Fed President Powell that the Fed is still cautious and an unchanged OPEC+ supply mandate, the path is clear of debris for the start of a new earnings season.

Thursday morning, Initial U.S. Jobless claims came in a little higher, up 9k to 221,000 for the week that ended March 30. Economists expected 214k. Layoffs increased to a 14-month high in March.

Tomorrow, investors are waiting for the U.S. job report.

Fed President Jerome Powell spoke shortly Wednesday afternoon at a Stanford fireside chat. He said the economic outlook was still uncertain. He said it is too soon to say if the higher-than-expected inflation in the year's first two months is more than just a bump.

While most Fed officials see a likelihood for interest-rate cuts to start at some point this year, "we do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%," Powell said.

After his business-as-usual discussion, stocks advanced, long-term treasury yields pulled back, and the two-year yield climbed to 4.67%.