(Editor’s note: The future prices of benchmark tracking ETFs, and the headline, the lede and the economic were updated in the story.)
U.S. stock futures rose on Thursday after Wednesday’s record rally. This followed President Donald Trump‘s celebration of record stock market gains.
On the economic data front, initial jobless claims for the week ending May 2 increased by 10,000 to a seasonally adjusted 200,000. Simultaneously, preliminary first-quarter data revealed that nonfarm business labor productivity increased by 0.8%, while unit labor costs advanced by 2.3%, offering investors insight into wage pressures and the broader trajectory of the U.S. labor market.
Trump said that strong job growth and rising retirement accounts reflected continued economic momentum. He posted on Truth Social, “Stock Market hit an ALL-TIME HIGH TODAY. Jobs & 401-K’s are BOOMING!!!”
Speaking to reporters about Iran at the White House, Trump said, “They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal.”
Meanwhile, the 10-year Treasury bond yielded 4.33%, and the two-year bond was at 3.85%. The CME Group's FedWatch tool‘s projections show markets pricing a 94.1% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.11% |
| S&P 500 | 0.13% |
| Nasdaq 100 | 0.14% |
| Russell 2000 | 0.10% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Thursday. The SPY was up 0.13% at $734.82, while the QQQ advanced 0.032% to $695.97.
Stocks In Focus
Zillow Group
- Zillow Group Inc. (NASDAQ:Z) fell 5.71% in premarket on Thursday despite reporting upbeat first-quarter results after Wednesday’s closing bell.
- Benzinga’s Edge Stock Rankings indicate that Z maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a poor growth score.
Beyond Meat
- Beyond Meat Inc. (NASDAQ:BYND) plunged 11% after it reported in-line loss for the first quarter and guided for second-quarter revenue below the analyst estimate.
- Benzinga’s Edge Stock Rankings indicate that BYND maintains a weak price trend in the long term but a strong trend in the medium and short terms.
Whirlpool
- Benzinga’s Edge Stock Rankings indicate that WHR maintains a weak price trend in the short, medium, and long terms, with a poor quality ranking.
Core Scientific
- Benzinga’s Edge Stock Rankings indicate that CORZ maintains a strong price trend in the short, medium, and long terms.
Fortinet
- Fortinet Inc. (NASDAQ:FTNT) gained 12.76% after the company reported first-quarter revenue of $1.85 billion, beating the consensus estimate of $1.73 billion and adjusted earnings of 82 cents per share, beating analyst estimates of 62 cents per share.
- Benzinga’s Edge Stock Rankings indicate that FTNT maintains a strong price trend in the short, medium, and long terms, with a good growth score.
Cues From Last Session
Communication services, information technology, and industrials led the S&P 500’s broad gains on Wednesday, though energy and utilities shares retreated.
| Index | Performance (+/-) | Value |
| Dow Jones | 1.24% | 49,910.59 |
| S&P 500 | 1.46% | 7,365.12 |
| Nasdaq Composite | 2.02% | 25,838.94 |
| Russell 2000 | 1.47% | 2,886.77 |
Insights From Analysts
Analysts at BlackRock maintain a “pro-risk stance” on the U.S. stock market, driven by powerful corporate earnings momentum. The firm is currently overweight U.S. equities, viewing strong profitability as a primary driver of market outperformance amid ongoing geopolitical disruptions.
A central pillar of this outlook is the “AI mega force,” which BlackRock notes is “now delivering tangible revenues, allaying worries over outsized capital spending.”
This trend has led to an atypical pattern of upward earnings revisions for both 2025 and 2026. While Magnificent 7 tech stocks remain dominant, BlackRock observes that “broad earnings growth looks healthy in a still resilient U.S. economy.”
Regarding the broader economy, BlackRock anticipates a “resilient but gradually cooling labor market,” characterized by moderate payroll growth and steady layoffs.
However, they remain vigilant about persistent inflation. The firm is tactically underweight long-term U.S. Treasuries, cautioning that “the recent energy price shock compounds this by aggravating pre-existing inflationary pressures.”
Ultimately, BlackRock favors AI beneficiaries and infrastructure sectors to navigate this environment.
Upcoming Economic Data
Here's what investors will be keeping an eye on Thursday.
- Seasonally adjusted initial jobless claims ticked up to 200,000 for the week ending May 2.
- Preliminary first-quarter nonfarm labor productivity rose by a modest 0.8%, with nonfarm business unit labor costs increasing by 2.3%.
- February’s delayed construction spending and March’s construction spending data will be out by 10:00 a.m., and Minneapolis Fed President Neel Kashkari will speak at 1:00 p.m. ET.
- March’s consumer credit data will be released by 3:00 p.m., and New York Fed President John Williams will speak at 3:30 p.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 1.99% to hover around $93.19 per barrel.
Gold Spot US Dollar rose 0.94% to hover around $4,734.95 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.16% lower at the 97.8660 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.51% lower at $81,343.40 per coin, as per the last 24 hours.
Asian markets closed higher on Thursday, as South Korea's Kospi, Japan's Nikkei 225, China’s CSI 300, Australia's ASX 200, Hong Kong's Hang Seng, and India’s Nifty 50 indices rose. European markets were mostly higher in early trade.
Photo courtesy: Shutterstock
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