Stock Market Today: Investors Tap the Brakes
Jobless claims suggested the worst of the job news may be behind us. Still, investors remained nervous about Friday's unemployment report
The markets barely moved Thursday, even as weekly unemployment claims fell below 2 million for the first time since mid-March. The trend suggests that the worst of the job losses could be behind us. The market's true test, however, comes Friday with the May jobs report. Economists expect the unemployment rate to hit 19.8%, a level not seen since before World War II. With perhaps a hint of trepidation, the Dow closed Thursday up 0.1% at 26,281.
The backward-looking economic data is ugly, but the market's focus on silver linings that suggest the worst of the downturn is over is fueling a remarkable run for stocks. The Nasdaq 100, an index of the largest non-financial companies in the Nasdaq Composite index, tied an all-time intraday high Thursday. Whether it's under-the-radar technology stocks or big-time ecommerce plays, it's clear that the tech sector has led the way in 2020. Even the blue-chip Dow's recent surge has been driven in part by its tech-stock constituents. Of course, not all tech stocks are created equal. Have a look at what the pros have to say about the Nasdaq's best tech bets.