U.S. stocks closed mixed on Wednesday, with the S&P 500 (SP500) down -0.1% and the Nasdaq Composite (COMP:IND) +0.1%, while the Dow (DJI) dropped -0.6%.
Oil prices surged again. The WTI Crude Oil index (CL1:COM) rose to about $88 per barrel, while Brent Crude (CO1:COM) was also higher at $92.
Also higher were bond yields. The benchmark 10-year Treasury yield (US10Y) was 7 basis points higher at 4.23%, while the 2-year Treasury yield (US2Y) rose 5 basis points to 3.66%.
On investors’ minds was the February U.S. CPI, which came in-line with consensus.
Now here are three things to focus on Thursday:
- On the economic side, investors will expect initial jobless claims data. Consensus estimates the number to be around 215,000. Last week, claims decreased by 4,750 to 213,000, according to the U.S. Department of Labor. Also, the advance seasonally adjusted insured unemployment rate was 1.2% for the week ended Feb. 21.
- The International Energy Agency (or IEA) confirmed an agreement to release 400M barrels of oil available from its members’ emergency reserves. This is the largest volume of emergency oil reserves in its history and exceeds the 182M barrels released in 2022 in response to Russia’s invasion of Ukraine. Oil prices are expected to decline. For now, WTI and Brend (CL1:COM), (CO1:COM) continue to be $88 and $92 per barrel, respectively.
- Adobe (ADBE) reports earnings on Thursday. The stock is down -0.5% currently—and is almost -21% year-to-date. In addition, Citi recently cut its price target, expecting minimal upside revisions to its 2026 outlook. Seeking Alpha rates the company a “hold” with a Quant rating of 2.97, while Wall Street continues to see it as a “buy.”