US open: Stocks go green as jobless numbers come in slightly lower than forecast
US stocks recorded gains at the bell on Thursday as oil prices rebounded and the government's latest jobless claims figures came in slightly lower than anticipated.
As of 1530 BST, the Dow Jones Industrial Average was up 1.19% at 23,945.10, while the S&P 500 was 1.18% firmer at 2,882.13 and the Nasdaq Composite started out the session 1.15% stronger at 8,956.11.
The Dow opened 280.46 points higher on Thursday as markets attempted to bounce back from losses in the previous session after major US indices turned in a mixed performance, bringing an end to a rally that started on Monday following some dismal payroll figures.
Energy stocks were higher in early trade as West Texas Intermediate prices shot up 7.17% to $25.71 a barrel, while shares in the likes of Hilton Worldwide and MGM Resorts were trading higher at the bell as market participants continued to bet on the reopening of the US economy.
The main focus of Thursday's session was the latest report on jobless claims from the Department of Labor which revealed the US jobs market continued to deteriorate at a frenetic pace over the latest reference week, although a touch less quickly than forecast.
According to the Department of Labor, in seasonally adjusted terms, initial jobless claims surged by a further 3.16m during the week ending on 2 May - bringing the total over the last six weeks to roughly 33m. Consensus was for a leap of 3.25m.
Also in focus, data from China overnight also gave investors some reason to be bullish as the Caixin survey of services came in at 44.4 in April - a small improvement on the 43 registered a month earlier.
Chinese exports surprisingly increased by 3.5% but imports were down 14.2%. However, export numbers were believed to be largely driven by huge demand for personal protective equipment and medical goods - meaning the numbers might not be quite as positive as they appeared to be on the surface.
Elsewhere on the macro front, planned job cuts surged 202% to an all-time high of 671,129 in April as a result of the Covid-19 pandemic, according to Challenger Gray & Christmas.
Still to come, consumer credit figures will be released at 2000 BST and Federal Reserve Bank of Philadelphia head Patrick Harker will deliver a speech at 2100 BST.
In corporate news, Peloton posted a 66% surge in third-quarter revenues thanks to an increased number of Americans purchasing fitness equipment for their homes amid the pandemic.
JetBlue Airways, Bristol-Myers Squibb, Norwegian Cruise Line, Royal Caribbean Cruises and Dropbox will all post earnings on Thursday.