Banks Rise, Tech Slips As Dollar, Treasury Yields Jump On Stronger Data: What’s Driving Markets Thursday

Thursday saw mixed reactions from U.S. stocks to better-than-expected jobs and GDP data, while the dollar and Treasury yields jumped on renewed expectations of a more aggressive Federal Reserve. The U.S. real GDP printed 2% annual growth in the first quarter of the year, higher than the 1.3% estimated earlier. Weekly jobless claims fell to 239,000, well below expectations of 264,000. Fed Chair Jerome Powell today reaffirmed the need to raise borrowing costs again this year at a Banco de España Conference. Cyclicals and value did better than defensive and growth, while financials were a bright …

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