Thursday's session in the United States delivered a sharp rotation away from technology into cyclicals and defensives. The Dow Jones Industrial Average surged +1.7% to a fresh record of 51'562, led by UnitedHealth, JPMorgan Chase, and Walmart, while the S&P 500 added +0.4% to 7'584 and the Nasdaq slipped -0.1% to 26'831 as the AI complex digested Broadcom's mixed after-hours reaction.
In Europe, the STOXX 600 ended +0.5% at 624, the FTSE 100 closed +0.3% at 10'361, and the Swiss SMI outperformed at +0.9% to 13'341 on defensive flows.
Asian markets this morning extended the risk-off tone: the Nikkei fell -1.3% to 66'588, the Hang Seng -1.0% to 24'997, and the Shanghai Composite -0.7% to 4'028.
The primary rate driver was a softer-than-expected labour print, initial jobless claims hit 225k versus 215k consensus, the highest since early February, while Q1 unit labour costs were revised down to +1.8% from a +2.4% estimate, offering modest Treasury relief. The US 2-year yield settled at 4.08% and the 10-year at 4.48%.
On commodities, gold closed at 4'475 (+0.9%), drawing safe-haven support from geopolitical uncertainty, while Brent crude sold off sharply to 95.03 (-2.8%) on reports of tentative progress toward a Middle East ceasefire, a move that, if sustained, would remove a meaningful inflation tail risk that has kept rate markets on edge.
