US stocks go sideways as jobless claims rise
Wall Street stocks moved sideways on Thursday following mixed earnings reports as weekly US jobless claims pushed higher. The jump in initial jobless claims by 22,000 to 231,000 puts the benchmark at the highest level since last August, according to Briefing.com analyst Patrick O'Hare. The data "will be construed as a sign of softening in the labour market," O'Hare said. "That view, in turn, will be construed as a possible trigger for a Fed rate cut in coming months." The data came as the Bank of England kept interest rates at a 16-year high but signalled it could cut rates over the summer. About 25 minutes into trading, the Dow Jones was up 0.1 percent at 39,098. The S&P 500 was unchanged at 5,186, while the Nasdaq declined 0.3 percent to 16,262. Among companies reporting results, Warner Brothers Discovery advanced 2.0 percent, Arm Holdings dropped 6.3 percent and Airbnb fell 7.2 percent. (AFP)