Bonds & Stocks
Treasuries climbed and stock futures came off session lows as jobless claims data signaled further labor-market cooling that would allow the Federal Reserve to end its aggressive tightening campaign. Two-year yields, which are more sensitive to imminent policy moves, fell 10 basis points to around 4.8%. S&P 500 contracts fluctuated after a rally that pushed the benchmark gauge above 4,500.
Economy
Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding new jobs. Recurring jobless claims, a proxy for the number of people continuously receiving unemployment benefits, jumped to 1.87 million in the week ended Nov. 4, according to Labor Department data out Thursday. That marked an eighth straight week of increases.
World
President Xi Jinping said China wants to be friends with the US and said his nation won’t fight a war with anyone, one of his clearest remarks yet proclaiming a desire for peaceful ties between the world’s two largest economies. In a speech to business executives in San Francisco shortly after meeting US President Joe Biden on Wednesday, Xi said China “never bets against the United States” and “has no intention to challenge the United States or to unseat it.”