Tech Stocks Rally Ahead of Jobs Report; AI Initiatives Boost Alphabet and AMD
• Tech stocks led Thursday's market rally, with the Nasdaq gaining nearly 1.4% ahead of Friday's jobs report, which will give clues about the path of interest rates.
• Alphabet shares surged over 5% after the company launched new AI initiatives. AMD stock jumped 10% on its new AI chip.
• Mortgage rates fell for the 6th straight week to 7.03%, sparking some life back into the refinance market.
• Verizon announced bundles combining streaming services like Netflix and HBO Max at over 40% discounts, reminiscent of the old cable TV bundles.
• Jobless claims were flat at 220,000 last week. Claims will remain an important indicator to watch for signs of economic recession in 2024.