The tech-heavy Nasdaq Composite climbed 1%. Equities increased on Thursday as market participants analyzed the most recent labor market statistics and geared up for the forthcoming release of the eagerly awaited August employment report. The benchmark S&P 500 index surged 0.8% to reach a record high for the first time in a week. The Dow Jones Industrial Average increased by 0.8%, closing the day just shy of reaching new highs.

The three major indexes are set to record weekly gains. A report released this morning indicated that private sector hiring fell short of economists’ expectations in August, while weekly jobless claims figures were slightly higher than anticipated. Recent data indicate a weakening U.S. labor market, reinforcing expectations for an interest rate cut by the Federal Reserve during its policy committee meeting on Sep. 17. The significant occurrence of the week is set for Friday morning. The yield on the 10-year Treasury, which influences borrowing costs across various loans, stood at 4.16% in late trading, a decrease from 4.21% at the close of the previous day. The yield has reached its lowest point since early May, reflecting increasing investor confidence in the potential for upcoming rate cuts. Stocks of the leading technology firms, known for their significant impact on the overall market, experienced gains on Thursday.

Amazon climbed more than 4% to lead the Dow gainers. Chip giant Broadcom rose more than 1% ahead of the release after the closing bell of quarterly results. Meta Platforms and Tesla also tacked on more than 1%, while Nvidia, Microsoft, Apple, and Alphabet ticked higher. In notable stock movements, Salesforce experienced a decline of nearly 5%, positioning it as the leading decliner in the Dow. This drop followed the customer-relationship software provider’s release of disappointing guidance, overshadowing its better-than-expected quarterly results. Hewlett Packard Enterprise shares increased by 1.5% following a robust earnings report, yet concluded the day significantly below their early-session peak. Gold futures declined 0.9% to $3,600 an ounce, retreating after reaching record highs for three straight days, as renewed uncertainty regarding tariffs prompted some investors to turn to the traditional safe haven.

West Texas Intermediate futures, the U.S. crude oil benchmark, decreased by 1% to $63.35 per barrel, compounding the significant losses from the prior session. Bitcoin traded at approximately $110,500 in the late afternoon, a decrease from its overnight peak of $112,300. The cryptocurrency has faced challenges in recent weeks following its peak of over $124,000 in mid-August. The U.S. dollar index, which monitors the U.S. dollar’s performance against a selection of foreign currencies, increased by 0.1% to 98.26.