Jobless Claims Fall More Than Expected, But Investors Still Expect Fed Hike Next Week
Portfolio Pulse from Piero Cingari
The number of Americans applying for unemployment benefits was lower than anticipated last week, indicating the strength of the U.S. labor market. However, investors expect the Federal Reserve to conclude its tightening cycle after hiking for the last time next week. Futures on the S&P 500 Index and the Nasdaq 100 Index were in the red due to disappointing earnings reports from Tesla Inc. and Netflix Inc. The U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF, was 0.2% higher, while gold, tracked by the SPDR Gold Trust, ticked 0.1% lower.
July 20, 2023 | 12:49 pm
News sentiment analysis
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NEGATIVE IMPACT
Gold, as tracked by the SPDR Gold Trust, ticked 0.1% lower.
The price of gold was down, which is negative for the SPDR Gold Trust as it tracks the performance of gold. This is likely to put downward pressure on the ETF's price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Netflix's disappointing earnings report has put pressure on its stock price.
Netflix's earnings report was below expectations, which has led to a negative sentiment among investors. This is likely to put downward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla's disappointing earnings report has put pressure on its stock price.
Tesla's earnings report was below expectations, which has led to a negative sentiment among investors. This is likely to put downward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF, was 0.2% higher.
The U.S. dollar index was up, which is positive for the Invesco DB USD Index Bullish Fund ETF as it tracks the performance of the dollar. This is likely to have a positive impact on the ETF's price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70