U.S. stocks moved slightly higher on Thursday as investors evaluated fresh labor market data ahead of next week’s Federal Reserve meeting.
As of 09:35 ET (14:35 GMT), the Dow Jones Industrial Average was up 95 points, or 0.2%. The S&P 500 gained 8 points, or 0.1%, while the Nasdaq Composite added 18 points, or 0.1%.
Weekly jobless claims fall to a three-year low
Initial jobless claims dropped to their lowest level in more than three years last week. Seasonally adjusted first-time unemployment claims fell to 191,000 for the week ending November 29, down 27,000 from the previous week’s revised figure of 218,000. This marks the lowest reading since September 2022.
The data comes as markets anticipate that the Federal Reserve will cut interest rates at its December 10 meeting in an effort to support a softening labor market. While layoffs remain low, job openings have moderated, indicating softer demand for workers.
The ongoing federal government shutdown has delayed more comprehensive employment reports, but the Fed has stated in its recent meetings that available evidence points to a cooling labor market, strengthening the case for lower borrowing costs.
Speculation over future Fed leadership has also added to dovish sentiment. Reports suggest the Trump administration recently canceled interviews with several chair candidates, heightening expectations that Kevin Hassett — considered more dovish than current Chair Jerome Powell — may lead the central bank starting in 2026.
Salesforce raises 2026 outlook
Salesforce (NYSE: CRM) shares traded higher after the company increased its fiscal 2026 revenue and adjusted profit guidance, driven by strong projected demand for its AI-powered agent platform among enterprise customers.
Five Below (NASDAQ: FIVE) also saw gains after its third-quarter results exceeded expectations, supported by solid comparable sales and continued store expansion.
In contrast, Snowflake (NYSE: SNOW) shares dropped sharply after the company issued a softer-than-expected product revenue forecast for the January quarter.
Meta Platforms (NASDAQ: META) attracted attention after the European Commission launched a new antitrust investigation into the company’s rollout of AI features in WhatsApp, signaling growing scrutiny of major tech firms. Bloomberg also reported that Meta may cut its metaverse budget by as much as 30%.
Crude oil prices inch higher
Oil prices edged up as renewed strikes on Russian oil infrastructure raised concerns about global supply disruptions. Brent crude rose 0.3% to $62.83 per barrel, while West Texas Intermediate crude also gained 0.3% to $59.15.
A Reuters report indicated that Ukrainian forces struck the Druzhba pipeline in Russia’s Tambov region, reviving fears of interruptions to Russian oil exports. Meanwhile, high-level peace talks between U.S. and Russian officials ended without progress earlier in the week.
