U.S. stocks hit another record Thursday as $Macy's(M.US)$ and $Kohl's Corp(KSS.US)$ posted strong earnings and unemployment data showed the labor market is continuing to recover.

The $S&P 500 index(.SPX.US)$ ticked up 15.87 points, or 0.3%, to 4704.54, its 66th record close of the year and reversed Wednesday's decline. The $Nasdaq Composite Index(.IXIC.US)$ also rose to an all-time high, gaining 72.14 points, or 0.5%, to 15993.71. The $Dow Jones Industrial Average(.DJI.US)$ slipped 60.10 points, or 0.2%, to 35870.95.

Stocks have wavered this week as earnings rolled in and concerns about rising consumer prices continued. Results have overall been strong, but some major companies such as $Target(TGT.US)$ have been hit by supply-chain snarlsand rising costs.

Markets are trying to figure inflation out, and maybe part of that is just how temporary the situation will be.

Concerns about congestion and how much that's impacting inflation—those are really the big things.

-Jim Polk, head of equity investments at Homestead Funds

Shares of Macy's surged $6.53, or 21%, to $37.37 and Kohl's jumped $6, or 11%, to $62.48 as both retailers released earnings that beat analysts' estimates and raised their full-year guidance.

Consumers are taking whatever is on the shelves at whatever prices they are listed at, so that's really good for retailers and margins.

-George Cipolloni, a portfolio manager at Penn Mutual Asset Management, who is recommending holding small-cap stocks.

U.S.-listed $Alibaba(BABA.US)$ shares declined 11% after the Chinese e-commerce giant reported a drop in quarterly profit due to losses from its investments in equities.

Technology firm$NVIDIA(NVDA.US)$ rose $24.14, or 8.3%, to $316.75 after posting record quarterly revenue. $Cisco(CSCO.US)$ slid $3.13, or 5.5%, to $53.63 after the company gave earnings guidance that was below Wall Street's estimates and said it was affected by the semiconductor shortage.

Electric-vehicle makers Rivian Automotive and Lucid Group extended losses into a second day. The stocks fell 16% and 10%, respectively. 

$Sweetgreen(SG.US)$ made its market debut Thursday, as investors consider how the lunchtime salad chain will operate with workers slowly returning to offices. Shares rose $21.50, or 77%, to $49.50.

The latest unemployment data showed 268,000 people filed for jobless claimsin the week ended Nov. 13, a decline from the previous week. The number of claims is beginning to approach pre-pandemic levels, as employers hang on to their workers in a tight labor market. 

Some investors are closely watching for a Federal Reserve chair nomination after President Joe Bidenhinted to reporters Tuesday he could reveal his choice around the end of the week. President Biden will be making his pick between current chair Jerome Powell or Fed governor Lael Brainard.

$Bitcoin(BTC.CC)$traded at around $57,797, extending its fall to a fourth day. It is down 3.8% from its level on Wednesday at 5 p.m. ET, according to data from CoinDesk. 

The yield on the benchmark U.S. 10-year Treasury note ticked down Wednesday to 1.586%, notching the largest two-day yield decline in nearly two weeks. Prices go down when yields move up.

Brent crude, the global oil benchmark, traded near the flat line in early hours but settled higher, gaining 96 cents a barrel, or 1.2%, to $81.24.

Overseas, the Turkish lira has depreciated for eight consecutive days, reaching a record low of 11.1 lira to $1. The country's central bank cut its key policy rate to 15% Thursday after President Recep Tayyip Erdogan renewed his calls for reduction, despite surging inflation.

Meanwhile, the pan-continental Stoxx Europe 600 index ticked down 0.5%. Shares of Thyssenkrupp climbed 6.4% after the industrial conglomerate said its earnings were boosted by the rise in steel prices. German car-parts manufacturer Continentaldeclined 3.1% after its board fired its chief financial officer. 

In Asia, most major benchmarks declined. The Shanghai Composite Index retreated 0.5% and Japan's Nikkei 225 edged down 0.3%. $Hang Seng Index(800000.HK)$ fell 1.3%, dragged down by a series of Chinese technology companies missing earnings expectations, according to Deutsche Bank.