Initial Jobless Claims Rise More Than Expected, Indicating Slowdown In Labor Market Conditions
Portfolio Pulse from Piero Cingari
Initial jobless claims rose more than expected, indicating a slight cooling in labor market conditions. The U.S. dollar pared gains, and the Invesco DB USD Index Bullish Fund ETF (UUP) closed its fourth consecutive session in the red. SPDR S&P 500 ETF Trust (SPY) closed 0.3% higher.
August 22, 2024 | 12:55 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) closed 0.3% higher, remaining close to its record highs, as futures on major U.S. indices edged higher in premarket trading.
Despite the rise in jobless claims, SPY closed higher, indicating investor confidence in the broader market. The positive movement in futures suggests continued optimism.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) closed its fourth consecutive session in the red following the jobless claims report, indicating potential pressure on the U.S. dollar.
The rise in jobless claims suggests a cooling labor market, which can lead to a weaker USD. UUP, which tracks the USD, closed in the red for the fourth session, indicating negative sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80