The S&P 500 rose on Thursday to another record closing high amid the broader market rally as Wall Street started the second half of 2021 on a positive note. The benchmark settled above 4,300 for the first time and notched its sixth consecutive record close.
The Dow and Nasdaq also climbed higher, with energy stocks
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Robinhood files for IPO:
Popular retail investor trading platform Robinhood filed its S-1 prospectus with the U.S. Securities and Exchange Commission on Thursday, marking a significant step forward for the highly anticipated initial public offering.
In the filing, Robin Hood said it had monthly active users of 17.7 million as of March 2021 and estimates that nearly half of all its new accounts were created by first-time investors. Total revenue grew 245% to $959 million between the end of December 2019 and December 2020.
130 countries agree to global minimum corporate tax rate:
U.S. Treasury Secretary Janet Yellen said Thursday that 130 countries representing 90% of global gross domestic product have agreed to support the United States's proposed global minimum corporate tax rates of at least 15%.
"Today is an historic day for economic diplomacy. For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower thiers in response," Yellen tweeted on Thursday. "The result was a global race to the bottom: Who could lower their corporate rate further & faster?"
"Lower tax rates have not only failed to attract new business, they've also deprived countries of funding for important investments like infrastructure, education, & efforts to combat the pandemic."
ISM manufacturing PMI fell more than expected in June:
The U.S. Institute for Supply Management's June purchasing managers' index for factory activity fell to 60.6, following May's print of 61.2 and coming in below the 60.9 expected. This was the the lowest monthly reading since January.
Here's how markets were trading just after opening bell:
S&P 500 Index: +0.2% or +8.48 points to 4,305.98
Dow Jones Industrial Average: +0.17% or +58.71 points to 34,561.22
Nasdaq Composite Index: +0.05% or +7.79 points to 14,513.29
New jobless claims fall back below 400,000:
Initial unemployment claims fell below 400,00 for the first time in three weeks, totaling a less-than-expected 364,000 for the week ended June 26, according to the Labor Department on Thursday. The latest report beat consensus expectations for 388,000 and the previous week's total of 415,000.
Continuing jobless claims, however, totalled a much higher-than-expected 3.469 million for the week ended June 12, above the 3.34 million expected and the upwardly revised 3.413 million during the prior week.
