Stock Market Today: Live Updates

Reddit soared 13% after ChatGPT's parent company announced a deal with OpenAI that will allow it to train language models at scale using data from the social media platform.

“Including this in ChatGPT stands by our belief that the internet is connected, and empowers people to do more, explore more,” Reddit CEO Steve Huffman said in a release Thursday. “It's going to make it easier to find people who are there, and it's going to make it easier for new viewers to find communities on Reddit.”

— Fred Imbert

China's urban unemployment rate fell to 5% in April, down from 5.2% in March.

The country's National Statistics Office did not provide data by age. The agency previously said age-specific data would be released after the overall numbers were released.

NBS said in a statement that April's statistics were influenced by the May 1 Labor Day holiday and last year's high levels.

“Key indicators for industry, exports, employment and prices have generally improved and maintained renewed momentum.”[ing] It is a rapid growth,” NBS said.

Read the full text here.

— Evelyn Chen

China's retail sales and fixed asset investment in April were lower than market expectations, while industrial production exceeded expectations compared to the same period last year.

According to the National Bureau of Statistics, retail sales rose 2.3% in April from a year earlier. That was lower than the 3.8% increase expected in a Reuters poll and slower than the 3.1% pace reported in March.

Industrial production rose 6.7% in April compared to the same month last year, exceeding the expected 5.5% growth and also significantly higher than March's 4.5%.

Fixed asset investment increased by 4.2% in the first four months of this year, but fell short of the expected 4.6% increase.

Read the full text here.

—Evelyn Chen

According to Reuters, Bank of Japan Governor Kazuo Ueda told Congress that the Bank of Japan has no immediate plans to sell its ETF holdings.

Mr. Ueda said, “We need to take time to decide what to do with the ETFs we own, including whether to sell them in the future.''

The Bank of Japan abolished its yield curve control policy in March, suspending purchases of ETFs and Japanese REITs.

According to a March report by financial information service website QUICK, the Bank of Japan's cumulative ETF holdings are 37.15 trillion yen ($238.92 billion), with an estimated market capitalization of 71.3 trillion yen.

— Lim Huijie

Doximity rose more than 14% in after-hours trading after the medical professional platform's revenue beat Wall Street expectations and it announced a share buyback.

The company outperformed even the most bullish analysts surveyed by FactSet on fourth-quarter adjusted earnings per share and revenue. Doximity provided slightly stronger than expected earnings guidance for the current quarter. This takes him from $119.5 million to $120.5 million, compared to the consensus estimate of $118.9 million for him. However, the full-year outlook for this measure was weak.

The San Francisco-based company also announced it would buy back up to $500 million in Class A stock.

— alex harring

Barclays strategist Venu Krishna says investors are acutely aware of certain market risks, such as a potential recession or consumer stress, but they can be blindsided by other risks. It is said that there is.

“We believe stagflation could (though unlikely) be caught in the stock market without realizing it, and some traditional defensive strategies do just that,” the strategist said in a note Thursday. Because in that scenario, it becomes something you don't want to have.”

Krishna added that the high risk premium shows investors are not pricing in potential geopolitical risks adequately.

— Lisa Kailai Han

Despite Thursday's decline, the average of the three major stocks tends to end the week higher.

The Nasdaq Composite Index rose 2.2% this week, leading the index gains. The S&P 500 rose 1.4% and the Dow rose 0.9%.

— Alex Harring

Rick Rieder, BlackRock's chief investment officer and head of global fixed income and global allocation, said on CNBC's “Closing Bell” that there are signs that low-end U.S. consumers are struggling. Stated. This could be a big factor in prompting the Fed to cut rates, Rieder said.

“It's clear you're putting pressure on low-income people. I think they want to get a few cuts this year. Will they be able to get it in July? You? “I think there's a 25% chance that we'll be able to start moving in,” Reeder said.

These forecasts are broadly in line with market expectations, according to the CME FedWatch tool.

Rieder also said that stock prices could continue to hit record highs due to strong earnings and demand for stocks, including stock buybacks by major tech companies.

— Jesse Pound

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed after 6pm ET.

— Alex Harring