Unemployment Claims Tick Higher Ahead Of Friday's Jobs Report: Treasury Yields Continue To Rise
Portfolio Pulse from Piero Cingari
The number of Americans filing for unemployment benefits slightly increased last week, reaching 227,000. The ADP employment data for July revealed a substantial rise of 324,000 jobs, surpassing the anticipated 189,000. Futures on the S&P 500 Index and the Nasdaq 100 Index continued to slide in the premarket, down 0.2% and 0.3%, respectively. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.32%, while the Invesco QQQ Trust (NASDAQ:QQQ) was down 0.57%. The 10-year Treasury yield surged 6 basis points to 4.15%.
August 04, 2023 | 1:22 pm
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NEGATIVE IMPACT
The Invesco QQQ Trust (NASDAQ:QQQ) was down 0.57% amid rising unemployment claims and positive ADP employment data.
The slight increase in unemployment claims and the positive ADP employment data could have contributed to the fall in QQQ's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.32% amid rising unemployment claims and positive ADP employment data.
The slight increase in unemployment claims and the positive ADP employment data could have contributed to the fall in SPY's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), slightly fell 0.1%.
The slight increase in unemployment claims and the positive ADP employment data could have contributed to the fall in UUP's price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), ticked 0.1% higher.
The slight increase in unemployment claims and the positive ADP employment data could have contributed to the rise in GLD's price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70