Jobless Claims Exceed Estimates, Philly Fed Index Declines, Housing Starts And Permits Fall Sharply: Thursday's Economic Digest
Portfolio Pulse from Piero Cingari
Economic data released Thursday showed higher-than-expected jobless claims, a decline in housing starts and permits, and a drop in the Philly Fed Index. Treasury yields rose slightly, and the U.S. Dollar Index gained. Futures on major U.S. equity indices traded higher but trimmed gains post-data.
June 20, 2024 | 1:12 pm
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POSITIVE IMPACT
The U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), rose 0.3% following the economic data releases.
The U.S. Dollar Index gained as investors reacted to the economic data, indicating a stronger dollar in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Futures on the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), traded higher but trimmed gains following the economic data releases.
Similar to the S&P 500, Nasdaq 100 futures initially traded higher but trimmed gains post-data, indicating a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Futures on the S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), traded higher but trimmed gains following the economic data releases.
While futures initially traded higher, the economic data led to a trimming of gains, indicating a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70