Volatility In Markets Eases Following Jobless Claims Report

US stocks closed higher on Thursday, with the S&P 500 snapping a five-session losing streak as investors digested weekly jobless claims data.

US initial jobless claims rose by 4,000 to 230,000 in the week ending December 3, matching market estimates.

Data on producer price index, wholesale inventories and the University of Michigan's consumer sentiment will be released today.

Money markets now see a 91% chance that the US Federal Reserve will raise interest rates by 50 basis points at its upcoming meeting.

Shares of Moderna, Inc. MRNA gained over 3% on Thursday after the company received FDA Emergency Use Authorization for its Omicron-targeting COVID-19 booster in children 6 months through 5 years.

Majority of the sectors on the S&P 500 closed on a positive note, with information technology and consumer discretionary stocks recording the biggest surge on Thursday. However, energy and communication services stocks bucked the overall market trend, recording losses in the prior session.

The Nasdaq 100 climbed 1.22% to close at 11,637.50 on Thursday, amid a decline in shares of Apple Inc. AAPL and Amazon.com, Inc. AMZN. The S&P 500 rose 0.75%, while the Dow Jones rose 0.55% to 33,781.48 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 1.7% to 22.29 points on Thursday.

What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.