Overview
- The Dow Jones added about 270 points (+0.55%), the S&P 500 inched up 0.01%, and the Nasdaq Composite fell 0.44%.
- Initial jobless claims totaled 208,000 last week, down from 213,000 but above the 200,000 forecast, with traders awaiting Friday’s payrolls, unemployment, and wage figures.
- Technology shares weighed on the Nasdaq, with Nvidia down 2.17% on reports China asked local firms to pause purchases of its chips, and declines spreading to Broadcom and Microsoft.
- Energy outperformed as Chevron, Exxon Mobil, and ConocoPhillips advanced following company-government discussions about Venezuela and reports of potential investment opportunities.
- Dow breadth was positive with winners including Nike, Home Depot, and Sherwin-Williams, while Amgen, Nvidia, and Salesforce lagged; defense stocks also gained after President Donald Trump called for a $1.5 trillion 2027 military budget.