Meanwhile, first-quarter corporate earnings continue to roll in, and most are beating analyst estimates. Of the 351 companies on the S&P 500 that have already reported earnings, 78% of them topped profit estimates by a median of 8%. On the revenue front, 70% of companies have beaten estimates by a median of 5%, according to data from Fundstrat.
Here’s where US indexes stood at 12:01 p.m. ET on Thursday:
Weekly jobless claims rose last week to 200,000, the Labor Department said on Thursday. Economists had expected jobless claims to hit 180,000 last week. The four-week moving average was 188,000.
The Bank of England raised interest rates by 25 basis points for the fourth consecutive meeting on Thursday, even as it predicted a rapid slowdown in economic growth. The latest hike lifted rates to 1%, the highest level since 2009.
Twitter stock was higher Thursday after Elon Musk disclosed $7 billion in new funding commitments for his $44 billion takeover of the social-media platform. In a regulatory filing, Musk said he recieved letters from 19 investors. Top commitments include $1 billion from Oracle co-founder Larry Ellison, $850 million from Sequoia Capital, $500 million from Binance and $400 million from Andreessen Horowitz.
Oil prices surged after OPEC+ maintained its gradual pace of output increases. West Texas Intermediate crude oil jumped as much as much as 3.08% to $111.13 per barrel. Brent crude, oil’s international benchmark, rose as much as 3.28% to $113.75.
Bitcoin fell 0.87% to $39,395. Ether prices fell 0.66% to $2,922.
Gold jumped as much as 1.93% to $1,904.80 per ounce. The yield on the 10-year Treasury added five basis points to 3.01%.