Hey moomooers,

Good evening. Here is the latest Market Recap for you.

U.S. stocks staged a sharp rebound Thursday to end the session higher as investors looked past uncertain market fundamentals and technical positioning issues that have prompted several weeks of selling. 

How did major indexes fare?

The move in futures comes after stocks bounced in afternoon trading on Thursday, with the Dow swinging more than 500 points as cyclical trades gained steam. 

The strong close broke a recent trend of poor finishes on Wall Street and trimmed the market’s week-to-date losses. 

The Dow and S&P 500 are now down less than 0.1% for the week, while the Nasdaq Composite is in the red by 1.8%.

What drove the market?

• President Joe Biden 
  

President Joe Bidenexpects to run for reelection in 2024, signaling for the first time that he will seek a second term in the White House.

「My plan is to run for reelection. That’s my expectation,」 Biden told reporters on Thursday during his first news conference as president. He later reaffirmed that it’s his 「expectation」 he will try to serve a second term as president. Biden will be 81-years-old at that time.

• Suez Canal

The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List.

Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation.

• Banking system

Big banks will be allowed to resume normal levels of dividend payouts and share repurchases as of June 30, as long as they pass this year's stress test.

• Jobless claims

Thursday brought relatively upbeat economic news, including better-than-expected jobless claims data. The final revision to fourth-quarter gross domestic product growth came in at 4.3%, higher than the previous 4.1%, while 684,000 Americans filed for first-time unemployment benefits, down from 781,000 and better than the 730,000 forecast by economists. While good economic news often lifts Treasury yields, the 10-year yield was nearly flat at 1.61%.

Which stocks were in focus?

• $Tesla, Inc.(TSLA.US)$

The National Labor Relations Board has decided that Teslaviolated labor laws when it fired a union activist, and when CEO Elon Musk wrote on Twitter in 2018: 「Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing?」

Among other things, the federal agency has directed Tesla to ask Musk to remove his offending tweet, and to offer a job back to the terminated employee, Richard Ortiz. Tesla must also compensate Ortiz for loss of earnings, benefits and adverse tax consequences that resulted from his firing.

• $GameStop Corp(GME.US)$

GameStop snapped a five-day losing streak with a significant surge on Thursday, as shares of the video game retailer rose more than 50% and showed that their wild swings are not yet over.

The stock slumped 33% in the prior session after the company reported disappointing fourth-quarter results and failed to give in-depth detail about its turnaround plans. GameStop also disclosed that it was considering selling more stock.