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The Nasdaq Composite led gains for U.S. stocks helped by chipmakers Nvidia and AMD, while Microsoft erased losses after cutting its 4Q revenue outlook to close higher. The S&P saw 10 of its 11 sectors rally led by consumer discretionary and material companies. In commodities, oil gained 1% to $116.87 per barrel.
Stephen Guilfoyle and Keith Fitz-Gerald provide advice on investing on 'The Claman Countdown.'
Microsoft, ahead of the opening bell, lowered its revenue guidance for the 4Q.
"On June 2, 2022, Microsoft Corporation updated our guidance for the quarter ending June 30, 2022 due to unfavorable foreign exchange rate movement in the quarter through May"
The tech-giant now expects to earn as much as $16.7B down from the initial goal of $16.8B.
Ford plans to add 6,200 new United Auto Workers Union jobs in Michigan, Ohio and Missouri, the company announced Thursday. The roles will convert 3,000 temporary roles to full-time.
"New jobs expected to create about 74,000 indirect new jobs in America by the end of 2026" the company added.
The average price for a gallon of gasoline in the U.S. rose to a record on Thursday at $4.715, according to the latest numbers from AAA. The price on Wednesday was $4.67. The price of diesel increased to $5.556 from $5.538.
Bitcoin fell below $31,000 after a drop of more than 6% on Wednesday. It was the largest drop since an 8% fall in early May. Stocks also declined. Bitcoin is down 36% year-to-date. Ether is around $1,800. Dogecoin is around 8 cents.
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