Stocks ended mostly higher on Thursday after new jobless claims came in lower than expected, further underscoring the strength of the post-pandemic economic rebound.
The Dow outperformed, adding more than 100 points, or 0.4%. The S&P 500 also increased, while the Nasdaq flipped into slightly negative territory.
Shares of work-from-home software stocks Okta (OKTA) and Workday (WDAY) slid despite each posting first-quarter results that beat estimates, with Okta announcing the departure of its chief financial officer. Nvidia (NVDA) shares were also off slightly even after posting estimates-topping first-quarter results, as the semiconductor company signaled chip shortages would likely constrain supply in the second half of the year.
The broader stock indexes have drifted this week, with volatility subsiding as investors awaited more economic data that might signal whether inflation would lead to a sustained jump in prices for consumers and producers and push rates higher. This could in turn weigh on stock valuations and put the brakes on the stock rally since last year’s lows.