Dow34084.15+188.11(0.55%)Nasdaq13535.77+236.00(1.77%)SP 5004159.12+43.44(1.06%)10-yr Note +4/321.631NYSEAdv 2172 Dec 1082 Vol 857.0 mlnNasdaqAdv 2858 Dec 1277 Vol 3.9 bln Industry Watch Strong: Information Technology, Communication ServicesWeak: Energy, Financials, Materials Moving the Market -- Growth stocks outperformed value stocks -- Long-term interest rates declined-- Mixed economic dataStocks higher after U.S. jobless claims data Stocks rebounded from yesterday's declines after U.S. jobless claims data and following yesterday's release of minutes from the last Federal Reserve meeting, in which the Fed said the U.S. economy is "far from" maximum employment. Despite today's snapback, concerns remain around a run of strong inflation data from China, U.S. and the Eurozone over the past few weeks, and that surging inflation will prompt the Fed to taper and raise rates sooner than previously anticipated. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 34,000 to 444,000 in the week ended May 15. The U.S. leading index rose 1.6% to 113.3 in April, a new all-time high and stronger than expected. In crypto news, the U.S. Treasury Department detailed President Biden's proposed set of tax compliance measures "to foster a tax system where Americans pay the taxes they owe." The proposal includes additional resources for the Internal Revenue Service to address the growth of cryptoassets. Additionally, Federal Reserve Board Chair Jerome Powell said the Fed intends to publish this summer a discussion paper that will explore the implications of technology for digital payments, with a particular focus on the possibility of issuing a U.S. central bank digital currency. TOP NEWS: Cisco (CSCO) shares were fractionally higher after the company reported better-than-expected third quarter earnings and revenue and provided guidance for the fourth quarter. Of note, the company said that supply chain issues resulted in additional costs in Q3. In other earnings news, Ralph Lauren (RL) shares fell 7% even after the company reported upbeat quarterly results and guided for revenue growth in the current quarter. Of note, the company reinstated its quarterly dividend, which was previously suspended due to the COVID-19 pandemic. Shares of Lordstown Motors (RIDE) fell 15.3% after Wolfe Research analyst Rod Lache downgraded the stock to Underperform from Peer Perform and slashed his price target on the shares to $1 form $18. The analyst said that Ford's (F) electric F-150 reinforces his view that Lordstown will not be competitive in the commercial electric vehicle pickup space. Lache, who was already questioning the competitiveness of Lordstown's $52,500 electric pickup truck for fleets, believes Ford's reveal of $39,900 and $49,900 electric pickups crystalizes his concerns. Snap (SNAP) shares rose almost 6% after the social media company made a series of announcements on new products and services, including a partnership with Poshmark (POSH) to bring social shopping to Snapchat as well as new augmented reality tools. In addition, Snap unveiled the next generation of its Spectacles product. Meanwhile, Robinhood (HOOD) announced that it is starting to roll out IPO Access, a new product that will give users the opportunity to purchase shares of companies at their IPO price, before trading on public exchanges. In other IPO news, Oatly Group (OTLY) shares ended the session up 18.8% at $20.20 in its first day of trading. The stock opened for trade at $22.12 per share after being priced at $17. MAJOR MOVERS: Among the noteworthy gainers was Virgin Galactic (SPCE), which rose 14.7% after announcing that the next rocket-powered test flight of SpaceShipTwo Unity will be conducted on May 22, pending weather and technical checks. Also higher was ViacomCBS (VIAC), which gained 4.6% after BofA analyst Jessica Reif Ehrlich double upgraded the stock to Buy from Underperform. Among the notable losers was Black Diamond Therapeutics (BDTX), which declined 37.3% after presenting Phase 1 data for BDTX-189. Also lower were Triumph Group (TGI) and Kohl's (KSS), which fell a respective 8% and 10.2% after reporting quarterly results. Reviewing Thursday's economic data: Initial jobless claims for the week ending May 15 decreased by 34,000 to 444,000 (Briefing.com consensus 460,000). That is the lowest since March 14, 2020. Continuing claims for the week ending May 8 increased by 111,000 to 3.751 million. Continuing claims for the week ending May 8 increased by 111,000 to 3.751 million.The key takeaway from the report remains the same as last week: initial jobless claims are still too high in absolute terms, yet they continue to trend in a direction that supports favorable reopening-minded views.The Conference Board's Leading Economic Index (LEI) increased 1.6% m/m in April (Briefing.com consensus 1.3%) following an unrevised 1.3% increase in March.The key takeaway from the report is the recognition that the strength among the leading indicators remains widespread, which is a good portent for continued economic growth.The Philadelphia Fed Index dropped to 31.5 in May (Briefing.com consensus 42.0) from an unrevised 50.2 in April. The Prices Paid indicator moved from 69.1 to 76.8, which was the highest reading since March 1980. The Prices Received indicator jumped from 34.5 to 41.0, which was the highest reading since May 1981. Looking ahead, investors will receive Existing Home Sales for April and the preliminary IHS Markit Manufacturing and Services PMIs for May on Friday. Russell 2000 +11.8% YTDDow Jones Industrial Average +11.4% YTDS&P 500 +10.7% YTDNasdaq Composite +5.0% YTDDisclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .