From Nasdaq, Inc.:

Stocks closed higher on Thursday, with the Nasdaq 100 hitting a new record high and chip stocks leading the rally. Better-than-expected U.S. economic news and the Senate’s passing of a funding bill were supportive. The 10-year T-note yield reached a 5-week high, and weekly jobless claims hit a 16-month low. Healthcare stocks weakened after Humana cut its EPS outlook for the year.

U.S. weekly initial unemployment claims unexpectedly fell, indicating a strong labor market, while December housing starts were better than expected. The Jan Philadelphia Fed business outlook survey was weaker than anticipated, but rate cut expectations for 2019 are low. Government bond yields in the U.S. and Europe were mixed, while overseas stock markets settled in a mixed fashion.

Key stocks like Fastenal, Boeing, Marvel Technology, and Apple saw significant gains, while Discover Financial Services and Humana experienced losses. KeyCorp and Northern Trust also reported poor results, leading to declines. Moderna and Kinder Morgan also experienced declines due to insider selling and disappointing earnings, respectively.

March 10-year T-notes slipped to a 5-week low, and their yields climbed to a 5-week high on the stronger U.S. economic data and the possibility of rate cuts being pushed back by the Fed. Additionally, data from the ECB meeting showed a more hawkish stance on potential rate cuts. Rising inflation expectations also weighed on T-notes, with the breakeven inflation rate hitting a 2-month high.



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