US benchmark equity indexes demonstrated a positive trend on Thursday, despite the backdrop of advancing Treasury yields—specifically, the 10-year yield increased by 2.2 basis points to reach 4.6%, while the two-year rate rose by 1.6 basis points, now standing at 4.3%. This upward movement in yields comes as investors navigate their expectations regarding future monetary policy and economic growth. In additional economic news, initial unemployment claims for the week ending December 28 saw a decline, falling to 211,000, down from 220,000 the previous week.
This data, released by the Department of Labor, also highlighted a four-week moving average decrease of 3,500 claims, landing at 223,250. This marks a cessation to a run of four consecutive increases in claims. However, the manufacturing sector in the US continues to exhibit signs of weakness. A survey conducted by S&P Global unveiled that December's manufacturing purchasing managers' index dipped to 49.4, down from November's figure of 49.7.
This index reflects a contraction in the sector, indicating a struggle for factories to secure new orders and maintain output levels. On the commodities front, February West Texas Intermediate crude oil reached a closing price of $73.12 per barrel, reflecting an increase of $1.40. Meanwhile, March Brent crude, recognized internationally, was observed at $75.89, marking an uptick of $1.25.
These fluctuations in oil prices are essential for market watchers and can significantly influence inflation and consumer spending. As for individual stocks, Hesai Technologies reported a remarkable 17% surge following its announcement of exceeding the delivery of 100,000 lidar units in December. The company achieved a significant milestone with over 20,000 units delivered specifically for the robotics market, showcasing its growth amid heightened demand for advanced light detection and ranging solutions. Conversely, SoFi Technologies experienced a downturn of 8.2% after Keefe, Bruyette & Woods downgraded the stock from market perform to underperform.
Additionally, they adjusted the price target for SoFi shares upward, now positioning it at $8, increased from $7. This mixed sentiment reflects ongoing volatility in the fintech space, where changing economic conditions play a key role in investor confidence. In summary, the current financial landscape presents a complex scenario for investors, characterized by fluctuating economic indicators, energy prices, and varying performances among key players in the market..