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Business Standard
18-07-2025
- Business
- Business Standard
U.S. Stocks Climb as Retail Sales and Jobless Claims Beat Expectations
Nasdaq, S&P 500 and Dow all rose, driven by strong retail data and low jobless claims; networking and oil service stocks lead market gains. The Nasdaq advanced 153.78 points or 0.7% to 20,884.27, the S&P 500 climbed 33.66 points or 0.5% to 6,297.36 and the Dow rose 229.71 points or 0.5% to 44,484.49. Commerce department released a report showing retail sales rebounded by much more than expected in June. The report said retail sales climbed by 0.6% in June after slumping by 0.9% in May. Economists had expected retail sales to inch up by 0.1%. Excluding a jump in sales by motor vehicle and parts dealers, retail sales still rose by 0.5% in June after edging down by 0.2% in May. Ex-auto sales were expected to rise by 0.3%. Labor Department published a report showing first-time claims for U.S. unemployment benefits unexpectedly dipped to a three-month low in the week ended July 12th. It said the initial jobless claims fell to 221,000, a decrease of 7,000 from the previous week's revised level of 228,000. It also released another report showing import prices in the U.S. inched up by less than expected in the month of June. Networking stocks turned in some of the market's best performances on the day, with the NYSE Arca Networking Index surging by 2.0%. Oil service stocks too were significantly strong amid a sharp increase by the price of crude oil, driving the Philadelphia Oil Service Index up by 1.7%. Financial, steel and software stocks too strongly moved upwards while pharmaceutical and healthcare stocks came under pressure over the course of the session. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.6%, while China's Shanghai Composite Index rose by 0.4%. The major European markets too moved upside while the U.K.'s FTSE 100 Index climbed by 0.5%, the French CAC 40 Index and the German DAX Index jumped by 1.3% and 1.5%. In the bond market, treasuries showed a lack of direction over the course of the session before closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.46%.
Business Standard
27-06-2025
- Business
- Business Standard
U.S. Markets Rally as Durable Goods Surge and Jobless Claims Drop
Major indexes approach record highs amid strong economic data, with durable goods orders and jobless claims fueling gains across multiple sectors. The Nasdaq jumped 194.36 points (1%) to 20,167.91, the Dow advanced 404.41 points (0.9%) to 43,386.84 and the S&P 500 climbed 48.86 points (0.8%) to 6,141.02. Markets continued their upward momentum, pushing major indexes closer to record highs despite ongoing tariff concerns. The S&P 500 ended just 3 points shy of its February closing peak. Gains followed positive U.S. economic data, including a drop in jobless claims to 236,000. Commerce department released a report showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of May. It also said durable goods orders soared by 16.4% in May after tumbling by a revised 6.6% in April. Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5% in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat. Meanwhile, the department also released a revised data showing the U.S. economy shrank by more than previously estimated in the first quarter of 2025. It also said real GDP well by 0.5% in the first quarter compared to the previously reported 0.2% dip. The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports were partly offset by a downward revision to imports. Steel stocks substantially moved upwards, with the NYSE Arca Steel Index surging by 3.0% to its best closing level in over six months. An extended rebound by the price of crude oil also contributed to significant strength among oil service stocks, as reflected by the 2.2% jump by the Philadelphia Oil Service Index. Gold, banking and computer hardware stocks saw considerable strength on the day, moving higher along with most of the other major sectors. Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index jumped by 1.7% while South Korea's Kospi slid by 0.9%. European stocks moved mostly higher. The German DAX Index climbed by 0.6% and the U.K.'s FTSE 100 Index edged up by 0.2%, although the French CAC 40 Index closed just below the unchanged line. In the bond market, treasuries are seeing modest strength after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 bps at 4.26%.
