US Economy Expands By 3% In Q2, Surpasses Earlier Estimates; Jobless Claims Little Moved Last Week (CORRECTED)
Portfolio Pulse from Piero Cingari
The U.S. economy expanded by 3% in Q2, surpassing earlier estimates, with corporate profits rebounding and inflation measures easing. The U.S. dollar strengthened following the release of jobless claims data, impacting the Invesco DB USD Index Bullish Fund ETF (UUP).
August 29, 2024 | 12:44 pm
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NEGATIVE IMPACT
Nvidia Corp. shares tumbled by 4% in reaction to earnings, affecting Nasdaq 100 futures, which were up by 0.3% in premarket trading.
Nvidia's 4% drop post-earnings suggests a negative market reaction, impacting Nasdaq 100 futures. This indicates a likely short-term negative impact on Nvidia's stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rose by 0.5% following the release of the weekly unemployment insurance report, marking its strongest one-day increase since June 7.
The U.S. dollar rallied following the jobless claims report, which directly impacted the UUP ETF, causing it to rise by 0.5%. This indicates a positive short-term impact on UUP due to the strengthening dollar.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80