Wall Street’s main index closed last week in positive territory after going through quite volatile trading on Thursday (06/04/23), as the release of economic data Initial Jobless Claims came out at 228 thousand, which was higher than the estimate of 200 thousand, although still lower than the previous period of 246 thousand.
Wall Street’s main index closed last week in positive territory after going through quite volatile trading on Thursday (06/04/23), as the release of economic data Initial Jobless Claims came out at 228 thousand, which was higher than the estimate of 200 thousand, although still lower than the previous period of 246 thousand.
Market mostly responded negatively to economic data releases that implied a slowdown in the US economy; as Federal Reserve officials reiterated that the pace of US interest rate hikes will continue. The private sector employment growth figure or ADP Nonfarm Employment Change fell sharply to 145k for March, lower than the forecast of 200k and the previous month at 261k.
The Dow Jones led the US stock market gains by edging up 0.2% on the back of healthcare stocks, while the S&P500 and Nasdaq had to lag in negative territory triggered by economic data releases that implied an economic slowdown; as Federal Reserve officials reiterated that the pace of US interest rate hikes will continue.
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The release of job openings data dropped to 9.931 million, below the forecast of 10.4 million; indicating a cooling labor market, while Factory Orders (Feb.) also fell 0.7%, lower than the -0.5% forecast.
The US stock market was solidly in the red, around 0.5% on Tuesday (04/04/23), after the release of job openings data dropped to 9.931 million, below the forecast of 10.4 million; indicating a cooling labor market, while Factory Orders (Feb.) also fell 0.7%, lower than the -0.5% forecast. These two data follow the weak US manufacturing activity report released on Monday.
The dollar stumbled on Monday, surrendering earlier gains following unexpected oil output cuts from OPEC+, as data showed the U.S. economy continued to slow with declines in manufacturing and construction spending.
The Dow Jones closed up 1% on the back of energy stocks as oil prices surged after OPEC+ surprisingly announced a 1 million barrel/day production cut; while the technology sector only edged lower due to bargain buying.
