- US stocks were mixed on Thursday after Dallas Fed President Lorie Logan suggested a rate hike in June is possible.
- A 25-basis-point increase next month would surprise the market based on fed fund futures.
- Weekly jobless claims fell 22,000 to 242,000, which was below economist estimates.
US stocks were mixed on Thursday after Dallas Fed President Lorie Logan suggested another interest rate hike is possible at the June FOMC meeting.
An increase next month would take the market by surprise based on fed fund futures, which currently put just a 41% chance of a rate hike in June.
"After raising the target range for the federal funds rate at each of the last 10 FOMC meetings, we have made some progress. The data in coming weeks could yet show that it is appropriate to skip a meeting. As of today, though, we aren't there yet," Logan said in prepared remarks to a bankers conference.
Meanwhile, weekly jobless claims fell by 22,000 to 242,000, which was below economist estimates of 254,000.
Here's where US indexes stood shortly after the 9:30 a.m. ET opening bell on Thursday:
- S&P 500: 4,154.71, down 0.10%
- Dow Jones Industrial Average: 33,334.07, down 0.26% (86.70 points)
- Nasdaq Composite: 12,516.75, up 0.13%
Here's what else is happening this morning:
- Investors are loading up on tech stocks as the sector surges, thanks to expectations of a Federal Reserve pivot and the craze around artificial intelligence, according to a Bank of America survey.
- Artificial intelligence technology could boost S&P 500 profits to new highs over the next decade, according to a senior strategist at Goldman Sachs.
- Nvidia CEO Jensen Huang has seen his wealth balloon to $27.3 billion as investor excitement around AI gave the chipmaker's stock a huge boost.
- Take-Two Interactive stock soared after earnings come in mixed but guidance hints Grand Theft Auto 6 will be released in 2024.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil fell 0.49% to $72.47 per barrel. Brent crude, oil's international benchmark, rose 2.02% to $76.42.
- Gold fell 0.75% to $1,970.00 per ounce.
- The yield on the 10-year Treasury jumped 6 basis points to 3.62%.
- Bitcoin dropped 0.62% to $27,233, while ether fell 0.27% to $1,817.