Market Soars as Bull Run Continues with Tech and Economic Data Boosts

The S&P 500 entered a new bull market, rising 0.62%, while the Nasdaq Composite popped 1.02% and the Dow Jones Industrial Average was up 0.50%. GameStop reported worse-than-expected Q1 earnings and fired its CEO, causing shares to fall 18%. Carvana's stock soared more than 57% after announcing an improved Q2 outlook. Amazon's shares rose nearly 3% on the back of its AI efforts, while Warner Brothers Discovery rose nearly 7%. The Department of Labor reported an increase in jobless claims to 261,000, higher than economists' expectations of 235,000. Markets are pricing in a 65% chance that the Federal Reserve pauses its interest rate hiking campaign at next week's Federal Open Market Committee meeting.