FX.co ★ US Stocks Lack Direction

The three major U.S. stock indexes remained largely unchanged on Thursday as investors evaluated conflicting economic data and reports of a phone call between U.S. President Trump and Chinese President Xi, though the details of the conversation were not revealed. On the economic data front, initial jobless claims unexpectedly rose to 247,000, marking the highest point since October of the previous year, suggesting a possible weakening in the labor market. Furthermore, labor costs increased more than initially anticipated, raising concerns about inflation. Traders are now focused on the highly anticipated jobs report due on Friday for additional insights into the labor market's health. The consumer staples sector was the worst performer, while consumer services showed strong performance. Among the megacap stocks, results were varied: Nvidia gained 0.1%, Microsoft rose by 0.3%, Amazon advanced by 1.4%, and Alphabet increased by 1%. Meanwhile, Apple and Meta saw little change, staying close to the flatline. Tesla declined approximately 5%, hindered by weaker sales in Europe and Elon Musk's public criticism of President Trump's tax legislation.