ZipRecruiter ( ZIP) shares jumped 16% after the online employment marketplace raised its full-year outlook and greenlighted a $200 million increase to its share repurchase program.
South Korean e-commerce Coupang ( CPNG) saw its stock gain 23% after posting its first on-record operating profit.
In earnings news, shares of Nio ( NIO) rallied 12% after the Chinese electric carmaker reported a jump in third-quarter revenue and forecasted strong production. Bitcoin ( BTC-USD) hovered around $16,300 Thursday morning. Concerns over the possibility of insolvency for FTX after rival Binance walked back on an emergency rescue deal to buy the firm wreaked havoc on crypto markets, with jitters pouring over into other risk assets. Prior to Wednesday's rebound, renewed risk-off sentiment on Wednesday was also stoked by the fast collapse of FTX, the cryptocurrency exchange run by billionaire Sam Bankman-Fried. (Tom Williams/CQ-Roll Call, Inc via Getty Images) UNITED STATES - MAY 12: Sam Bankman-Fried, CEO of FTX US Derivatives, testifies during a House Agriculture Committee hearing on Thursday, May 12, 2022. But Chair Jerome Powell pushed back against the notion that a shift in the Fed’s path is imminent, with inflation and payrolls still firmly elevated - the latter, still far below the Fed's goal of 2% despite October's decline. Until the latest policy-setting meeting earlier this month, traders hoped Federal Reserve officials would ease their monetary tightening plans as economic data softens. “Yes, there have been data points hinting at the easing of some prices, but they haven’t been able to muster sustainable momentum.” “So far, the effects seem to be not all that appreciably different from zero,” he said in a note late Wednesday. Republicans appeared poised to take control of the House but did not sweep polls at the extent anticipated, undermining optimism over the market-friendly gridlock investors anticipated.Įven as Wall Street awaits political clarity, with vote counting still underway, GLOBALT Investments vice president and senior portfolio manager Thomas Martin argued that markets are laser focused now on only one thing: the effect of central bank tightening on inflation. Thursday's market moves come after each of the major averages slid at least 2% in the previous session over midterm election uncertainty. Initial jobless claims, the most timely snapshot of the labor market, came in at 225,000, a 7,000 increase from the prior week, Labor Department data showed.
Remarks by Federal Reserve Bank of Philadelphia President Patrick Harker also suggested Thursday that officials may be nearing a pause, though other officials stressed the need for continued hikes, even if at a slower pace.Įlsewhere in economic data - in the shadow of CPI - filings for unemployment insurance rose last week but held near historic lows.
Moderations in the data again fueled bets that the Federal Reserve may ease the pace of its monetary tightening campaign, with investors shrugging off Chair Jerome Powell's assertion earlier this month that a policy shift is not imminent. Meanwhile, Treasury yields tumbled following the report, with the benchmark 10-year note falling well below the 4% level. The technology-heavy Nasdaq Composite ( ^IXIC) advanced a whopping 7.4%, its sharpest climb since emerging from the pandemic crash in March 2020. The S&P 500 ( ^GSPC) rallied 5.5% - its biggest intraday gain since April 2020 - while the Dow Jones Industrial Average ( ^DJI) jumped 1,200 points, or 3.7%, the most since May 2020. Economists surveyed by Bloomberg called for a 7.9% annual rise and 0.5% monthly gain. The Consumer Price Index (CPI) for October reflected a 7.7% increase over last year and 0.4% increase over the prior month, better than Wall Street expected. stocks posted outsized gains Thursday, logging their biggest one-day climb in two years, as Wall Street cheered lighter-than-expected inflation data and monitored midterm election tallies.
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