Wall Street starts in the green after jobless data beats forecasts

The main indices on Wall Street defied previous expectations to start higher on Thursday after a better than expected US jobless claims data. In the early minutes of trading, the Dow Jones Industrial Average was up 0.15% to 33,947 while the S&P 500 climbed 0.42% to 4,132 and the Nasdaq rose 0.66% to 13,387. The positive start came as the number of Americans making initial claims fell by 34,000 last week to 444,000, compared to expectations of a decline to around 453,000. This is the lowest since March 14 last year, although the previous week's figure was revised up by 5,000 to 478,000 and the four week moving average fell by 30,500 to 504,750, again the lowest since March 14, 2020. 7:40am: Wall Street to open lower Wall Street is expected to continue Wednesday's declines as investors await the latest figures for weekly jobless claims. The Dow Jones Industrial Average is forecast to open 143 points or 0.4% lower, while the S&P 500 is set for a 0.32% decline and the Nasdaq Composite is showing a 0.26% fall. Technology shares are under pressure again after weaker than expected earnings guidance from networking hardware group Cisco. Meanwhile, the number of Americans signing on for unemployment benefits is expected to have dropped from 473,000 to around 453,000 last week. Sophie Griffiths at Oanda said: "Last week’s strong reading eased labour market shortage concerns, which could put an upward pressure on wages. "The last thing the US economy needs right now is more inflationary pressure. As a result, stocks rallied. "Market participants will be watching these figures closely again today. A strong print could propel stocks higher. However, any signs of weakness could fuel rising inflation concerns and pull stocks sharply lower." Four things to watch for on Thursday: Companies in the earnings diary on Thursday include computer chip maker Applied Materials Inc (NASDAQ:AMAT), discount store chain Ross Stores Inc (NASDAQ:ROST) and cybersecurity firm Palo Alto Networks Inc (NYSE:PANW) Crypto markets will be back in focus following Wednesday’s selloff, with Bitcoin’s price having recovered to above US$40,000 in early deals Plant-based food firm Oatly Group AB will also draw attention as it makes its trading debut on the Nasdaq On the macro front, aside from the jobless claims, investors may also be eyeing the latest Philly Fed manufacturing index