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Market highs, central banks, jobless claims data: 3 Things

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) could be on course to open Thursday's session at record highs coming off of the Juneteenth market holiday. Nvidia (NVDA) overtook Microsoft (MSFT) as the most valuable company, pushing the tech-driven market rally higher.

While the Bank of England is holding its interest rates, the Swiss National Bank cut rates for the second time in 2024. These headlines add weight to the question on every investor's mind: When exactly will the US Federal Reserve cut rates?

The US Department of Labor reported higher-than-expected jobless claims as 238,000 Americans filed for new unemployment benefits last week, while US housing starts and building permits prints came below expectations.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

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This post was written by Luke Carberry Mogan.

Video transcript

Finances.

And as for Jennifer and J have more, the, the 500 NASDAQ futures climbing higher this morning on track for a winning week for once again by in video, the ch giant surpassing Microsoft as the most valuable public company in the world.

The stock is up more than 170% this year alone.

The hype around A I has helped the rally in equities and the S and P 500 NASDAQ composite hit fresh records.

Tuesday before the markets closed for the June holiday.

The two indices are set to open at fresh record highs this morning and it's a mixed picture for interest rates this morning.

The Bank of England is holding rates steady at a 16 year high.

The bank choosing to stay put despite earlier this week, showing inflation in the UK fell to its 2% target for the first time in three years.

It also comes two weeks before the UK general election, the pound falling against the dollar this morning.

Meanwhile, the Bank of Switzerland is making its second cut of the year citing a drop in underlying inflationary pressure.

The Swiss Bank trimming its key interest rate by 25 basis points.

This was Frank rising today against the dollar here in the US.

More than half of traders are pricing in the first interest rate cut in September.

And we have fresh jobs and housing data out this morning on the jobs front 238,000 people filed new claims for unemployment benefits for the in June 15th and that's a few 1000 higher than analysts expected, but it's a decline from previous weeks and those weeks were at revised levels.

Now, the labor market has showed signs of some cooling but overall remains strong.

And on the housing front both starts which means new construction and building permits.

They came in below expectations.

A sign that higher mortgage rates, they continue to weigh on the market.

Both that points also coming in below the prior months levels.