Tech pulls market rally after worse-than-expected jobless claims report
Market opens Thursday's trading session with buying pressure appearing right from the start as macro reports show labor market continues to face pressure from interest rates as desired by FED. Mega-cap tech continues to attract investor attention while money flows out of small caps.
FED Logan statement - Dallas FED Governor creates some temporary panic after stating high likelihood FED will continue rate hike process in June, pulling bank stocks and growth stocks back near opening prices. Overall, market quite balanced during the day after initial rally with money flow strongly concentrated in tech block and exiting from small caps and bonds.
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