Stock Market Today: Nasdaq, S&P 500 Lead Way After Meta Announces Job Cuts; Jobless Claims Report Lowest Since 2021

US stocks experienced small gains on Thursday, buoyed by stronger-than-expected jobs data, which did not alter expectations for a Federal Reserve rate cut next week. Meta's stock surged due to budget cuts, reflecting a positive response from investors.

US equity futures are maintaining gains as discussions arise regarding Treasury Secretary Scott Bessent potentially leading the National Economic Council alongside his current role, contingent on President Trump's expected nomination of Kevin Hassett as the next Federal Reserve chair. This development comes amid ongoing labor market data analysis.

The stock market showed resilience on December 3, with the Dow Jones Industrial Average rising by 400 points, while the S&P 500 continued its upward trend, reflecting investor optimism. American Eagle's stock surged by 11% following strong Q3 results and an upward revision of its guidance, indicating robust financial performance. Additionally, Anthropic is reportedly preparing for an IPO as early as 2026, which could further influence market dynamics.

An analyst who previously purchased Palantir shares below $10 has updated their stock price target, reflecting the ongoing momentum in the artificial intelligence sector. This comes as AI technologies continue to gain traction, with businesses increasingly investing in AI solutions to enhance operations and services.

On December 3, Iren, a company transitioning from Bitcoin mining to AI data services, announced the pricing of $3.6 billion in equity and convertible note offerings, including a $2 billion private convertible notes offering. This move marks a significant step in its evolution as an AI infrastructure provider amid a growing demand for data-center capabilities.

Meta has recruited a senior designer from Apple, Dye, to enhance its efforts in developing artificial intelligence-powered glasses, a move that aligns with Mark Zuckerberg's vision of wearable technology replacing smartphones. This strategic hire underscores Meta's commitment to advancing its AI capabilities in the competitive tech landscape.

AT&T has initiated a lawsuit against T-Mobile, alleging that the latter's recent strategies to attract customers are unfair and aggressive. This legal action highlights the escalating competition in the telecommunications market as companies vie for customer loyalty amidst shifting consumer preferences.

Bank of America has adjusted its forecast for the Federal Reserve's interest rate cuts ahead of the upcoming FOMC meeting, reflecting ongoing concerns about high mortgage rates and housing prices that have sidelined many potential homebuyers. This adjustment comes amid a challenging economic landscape where mortgage rates remain significantly elevated compared to 2021 levels.