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AI players mixed signals: What's the way forward?
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Markets Rise Alongside Jobless Claims | Wall Street Today

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Moomoo Recap US joined discussion · May 9 15:31
Markets Rise Alongside Jobless Claims  | Wall Street Today
The $Dow Jones Industrial Average(.DJI.US)$ gained more than 300 points Thursday afternoon and the $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ rose as well as markets cheered a rate-cut-friendly jobless-claims report.
The Dow gained 331 points (0.85%) shortly after the market closed at 4 PM EST. The S&P added 26 ticks (0.51%) and the Nasdaq rose 43 points (0.27%.)
MACRO
Markets rose in part after U.S. weekly initial jobless claims came in high at 231,000 -- their highest level since August, and well above the 212,000 reading that economists had expected.
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
Tuesday, Fed's Kashkari said that one rate cut is still possible this year, which is a dramatic change from the CME FedWatch futures pricing just last month. He said that if inflation stays the same and labor stays strong, rates should stay the same, too.
SECTORS
Semiconductors fell alongside Arm, with $NVIDIA(NVDA.US)$ dropping 2%. The entire sector fell more than 1.5%. This earnings season, semiconductor and AI companies are priced to perfection, with even the slightest miss in EPS, Revenue, Bookings, or year-away projections leading to a price slash.
Markets Rise Alongside Jobless Claims  | Wall Street Today
Crude oil futures climbed after a bad six sessions, while Bitcoin fell.
Gold and silver futures climbed significantly, +1.6%, following the Thursday weekly jobless claims surprise. Any uptick in overall unemployment relatively weakens the dollar, and raises hopes the Federal Reserve will cut interest rates.
MOOVERS
$Airbnb(ABNB.US)$ pulled down the S&P 500 and Nasdaq 100 after its earnings met expectations, but its Q2 guidance came in lower: $2.68B-$2.74B versus estimates of $2.743 billion.
$SoundHound AI(SOUN.US)$ reported a Q1 loss of 12c a share on revenue of $11.6m vs. $10m EST.
$Equinix Inc(EQIX.US)$ climbed 11%, its largest one-day climb. The firm led the S&P 500.
$Marathon Digital(MARA.US)$ reported first quarter earnings of $1.26 per share. That surpasses the 22-cent average estimate from analysts polled by Ibes, according to Reuters.
$Roblox(RBLX.US)$ fell 22% after the firm projected a softer full year than investors hoped for, including a net loss in the current quarter of $265M.
$Arm Holdings(ARM.US)$ fell about 2.5% after its earnings met all expectations, but projected a lower FY'25 revenue and EPS midpoint than expected, $3.8B-$4.1B vs. $3.98B estimate, and EPS $1.45-$1.65 per share, vs. $1.54 estimate.
$AMC Entertainment(AMC.US)$ narrowed its loss in the company's first-quarter results after the bell Wednesday. The firm reported a net loss of $163.5 million, or 62 cents a share. Thursday, the stock fell on the news.
WORD FROM THE HEARD: Mooers, what are you watching?
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