The shares opened on Thursday with modest profits, higher throughout the session due to the likely delays in well-received rounds of economic data and trade deadlines.
Prior to the opening, the Labor Bureau said initial unemployment claims fell to 236,000, down 10,000 last week.
Individual data from the Census Bureau showed a 16.4% increase in durable product orders in May, showing a fifth increase in six months.
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Still, the final reading on gross domestic product (GDP) for the first quarter showed that the US economy actually signed to start 2025.
“The takeaway from mixed data this morning is that the economy is slowing down but remains resilient,” said Chris Larkin, managing director of E*Trade’s trading and investments from Morgan Stanley.
Will the customs deadline for July 9th be extended?
Meanwhile, White House press director Karoline Leavitt proposed that the July 9 deadline for countries submitting proposed trade plans in response to the tariffs of President Donald Trump’s “liberation day” could be delayed.
“Deadlines are not important,” Levitt said during a White House press conference that the Trump administration “can simply provide trade contracts to countries that have not submitted.”
However, the spokesman stressed that the potential extension was a “president’s decision.”
The rumor about Powell is the weight of the dollar
Outside of the stock market, there is speculation that President Donald Trump has pushed the US dollar to the lowest level in three years, a replacement for Federal Reserve Chairman Jerome Powell.
Trump criticizes Powell’s waiting approach to waiting. It states that this is necessary at this point due to the uncertainty of tariffs and the potential impact on inflation.
A Wednesday evening report from the Wall Street Journal suggested that Trump is considering naming a Powell alternative this summer.
As Powell’s term does not end until May 2026, the early announcements write WSJ reporters Brian Schwartz and Nick Timiraos “like the chairman is a rear seat driver, and can influence investors’ expectations of potential rate paths to pilot monetary policy before Powell’s term ends.”
This is what many people call “Shadow Fed Chair.”
Why Cyngn Stocks More than Doubled Today
In single inventory news, CYNGN (CYN) shares skyrocketed 171.5% after the autonomous vehicle technology company said it had partnered with artificial intelligence (AI) Bellwether Nvidia.
The collaboration combines CYNGN’s DriveMod AV technology with Nvidia’s ISAAC robotics platform to “accelerate safe and scalable autonomy across dynamic, real-world environments,” the press release said.
While Thursday’s rally is exciting, market participants should know that CYN is one of the most risky stocks to buy now.
Heading towards today’s session, stocks fell 96% until this year. Also, Cyn’s three-year beta 2.17 means it’s much more volatile than the broader market.
Meanwhile, Nvidia took part in a wider rally with MegaCap stocks, bringing the day up 0.5%. Meta Platform (META) was tacked at 2.5%, with Amazon.com (AMZN, +2.4%) and Alphabet (Googl, +1.7%) also receiving impressive returns.
Regarding the main index, the Dow Jones industrial average rose from 0.9% to 43,386. The S&P 500 rose 0.8% to 6,141, while Nasdaq composite added 1.0% to 20,167. Both benchmarks finished within 6,144.15 chip shots from December 16th to February 19th and 20,173.89.
