The major averages are on track for modest declines on the week as Wall Street awaits the April jobs report.
The three major U.S. stock indexes ended Thursday higher. The S&P 500 popped 0.91%, while the Dow gained 0.85%. The Nasdaq Composite outperformed and gained 1.51%.Despite Thursday's bounce, the major averages remain on pace to end the week in negative territory. The S&P 500 is off by 0.7% week to date, while the Nasdaq is down nearly 0.6%. The Dow is down 0.04% for the period.
At the conclusion of the Federal Reserve's meeting on Wednesday, Chair Jerome Powell appeared to rule out a hike as the central bank's next move, but that doesn't necessarily mean traders should begin hoping for cuts in the near future. "While rate cuts are unlikely in the short term because inflation remains elevated, the hurdle for rate hikes is really high. Continued strength in the labor market also reduces the urgency to cut, but the potential cap on rates right now combined with a strong economy is a positive for equities," said Sonu Varghese, global macro strategist at Carson Group.
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