Silver Soars to 13-Year High; Unemployment Claims Rise in Advance of Friday's Non-Farm Payroll Data

Stocks bounced around in jerky, directionless trading Wednesday after ADP reported only 37,000 new private sector jobs were created in May. The result was a split decision with the NASDAQ and S&P posting gains while the Dow and NTSE Composite fell, though the S&P was barely ahead by less than a point at the close.

OnThursday morning, investors mulled over earnings releases by Victoria's Secret (VSCO), Land's End (LE), Toro (TTC), Duluth Trading Co. (DLTH), Ciena (CIEN), and Cracker Barrel (CBRL).

Land's End shares were trading up more than five percent in the pre-market after the company beat analyst estimates. Other than that, there were no major moves by companies reporting.

In another suggestion that the U.S. labor market may be stumbling, the government reported 247,000 people applied for unemployment benefits last week, the most in eight months. With Friday's Non-farm payroll numbers expected to show slim gains, stocks could actually sell off a little in anticipation of what some would consider bad news.

Stock futures are basically flat across the board. Gold and silver are both higher, with silver soaring right through the resistance level at $35, trading as high as $36.18 on the COMEX, the highest price in more than 13 years. Gold was seen as high as $3,426 Thursday morning.

The day prior to May Non-farm payroll data may be less-than-exciting for stock holders, but owners of silver and gold are relishing the continued price appreciation. Year-to-date, gold is up 28%, silver, up 23%, far outpacing stocks.

At the Close, Wednesday, June 4, 2025:
Dow: 42,427.74, -91.90 (-0.22%)
NASDAQ: 19,460.49, +61.53 (+0.32%)
S&P 500: 5,970.81, +0.44 (+0.01%)
NYSE Composite: 19,887.32, -25.06 (-0.13%)