S&P 500 rebounds on tech boost; weekly jobless claims rise - Business Recorder

The S&P 500 gained ground on Thursday, lifted by technology and energy shares, while a rise in weekly jobless claims suggested the labor market was slowing down.
Wall Street’s main indexes have come under pressure in recent days, with the benchmark index shedding 3.6% in the past five sessions on expectations of a longer rate-hike cycle and downbeat views on the economy from some top company executives.
However, investors drew some comfort on Thursday after data showed the number of Americans filing claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high toward the end of November.
“More people are filing jobless claims, which shows labor forces are weakening a little bit,” said Thomas Hayes, chairman at Great Hill Capital LLC in New York.
“It’s just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn’t change December’s 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next.”
The report follows data last Friday that showed U.S. employers hired more workers than expected in November and increased wages, spurring fears that the Fed might stick to its aggressive stance as it attempts to tame decades-high inflation.
The producer price index and the University of Michigan’s consumer sentiment survey on Friday and November’s consumer price data next week will also be in focus ahead of Fed’s policy decision on Dec. 14.
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