U.S. Stocks Inch Closer to Record Highs on Thursday
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U.S. Stocks Inch Closer to Record Highs on Thursday

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Azeez Mustapha

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U.S. stocks are edging higher Thursday, gradually ascending back toward record heights, while Wall Street readies for the impact of an upcoming jobs report that could potentially shake the market on Friday.

In afternoon trading, the S&P 500 showed a 0.2% increase, positioned just below its all-time high. However, the Dow Jones Industrial Average experienced a slight decline of 51 points, or 0.1%, as of 2:13 p.m. Eastern time, whereas the Nasdaq composite surged by 0.4%.

Following the report of a milder-than-expected revenue dip for the latest quarter, Conagra Brands witnessed a notable climb of 5.6%. Additionally, it surpassed profit forecasts, buoyed by strong performances from brands like Birds Eye and Duncan Hines.

Levi Strauss saw a significant surge of 15.8% following its quarterly results, which exceeded expectations. Additionally, it marginally adjusted its profit forecast for the full fiscal year, reflecting its transition towards direct consumer jean sales.

Meanwhile, Lamb Weston, the frozen french fry manufacturer, experienced an 18.3% decline, attributing it to challenges associated with transitioning to a new planning system, affecting its order fulfillment capabilities.
U.S. Stocks Inch Closer to Record Highs on Thursday Although the company believes the transition’s impact has subsided, it revised its sales and profit projections for the year downwards, citing weaker trends in restaurant traffic in the immediate future.

The recent gains on Thursday helped alleviate some of the S&P 500’s losses for the week. It had declined from its previous record earlier in the week, triggered by unexpectedly robust data on the U.S. economy, which raised concerns that the Federal Reserve might not implement as many interest rate cuts this year as anticipated.

A significant factor driving the U.S. stock market’s surge of over 20% between November and March was the anticipation of multiple interest rate cuts by the Federal Reserve.

However, Federal Reserve officials have emphasized the need for further evidence that inflation is moving closer to its 2% target before taking action, a point reiterated by Chair Jerome Powell on Wednesday.

A report released on Thursday potentially provided some positive indicators, revealing a slight increase in the number of U.S. workers filing for unemployment benefits last week, albeit still relatively low compared to historical norms.

Investors on Wall Street are hoping for a moderation in the job market to alleviate upward inflationary pressures, while avoiding excessive job losses that could lead to a recession.

This anticipation has heightened ahead of Friday’s report, in which the U.S. government will unveil the extent of hiring activity nationwide last month. Economists anticipate a slowdown in March compared to February.

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