US MARKET UPDATE S&P 500 inches higher as it tries to build o | NKS TRADING TRICKS

US MARKET UPDATE

S&P 500 inches higher as it tries to build on 2023 gains

Stocks ticked higher Thursday as the market tried to build on its recent gains, and traders looked ahead to key inflation data next week as well as the Federal Reserve’s latest policy announcement.

The Dow Jones Industrial Average gained 84 points, or 0.2%. The S&P 500 traded 0.3% higher, while the Nasdaq Composite climbed 1%.

Amazon led tech shares higher after bullish analyst commentary. The tech giant’s shares rose more than 3%, and pulled the Technology Select Sector SPDR Fund (XLK) up 0.6% Thursday.

The S&P 500 is coming off a down session but is still within striking distance of the key 4,300 level. The broader market index also hit its highest level since late August this week, adding to a 2.2% rally month to date. The index is higher 7% over the past three months.

New weekly jobless claims data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labor market. The uptick also raised expectations the Federal Reserve would pause its rate-hiking campaign at its meeting next week.

Markets are pricing a 76% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.