Initial Jobless Claims Jumped To 419,000
Initial Jobless Claims claims report indicated that 419,000 Americans filed for unemployment benefits in a week. Analysts expected that Initial Jobless Claims would total just 350,000, so the report missed analyst estimates.
Continuing Jobless Claims decreased from 3.27 million (revised from 3.24 million) to 3.24 million compared to analyst consensus of 3.1 million.
S&P 500 futures have lost their positive momentum after the release of disappointing job market reports.
Today, traders will also have a chance to take a look at Existing Home Sales data for June. Analysts expect that Existing Home Sales increased by 0.9% month-over-month in June after declining by 0.9% in May.
WTI Oil Managed To Settle Above The $70 Level
WTI oil continues to rebound after the recent sell-off as traders bet that problems on the coronavirus front will not have a material impact on demand for oil.
Currently, WTI oil is trying to settle above the $71 level, which is bullish for oil-related stocks.
Interestingly, oil traders have ignored the recent EIA Weekly Petroleum Status Report which indicated that crude inventories increased by 2.1 million barrels compared to analyst consensus which called for a decline of 4.5 million barrels. U.S. domestic oil production remained unchanged at 11.4 million barrels per day (bpd).
The recent moves in the stock and commodity markets highlight traders’ desire to buy any notable dip, which means that general market mood remains very bullish.
Gold Remains Under Pressure
Gold continues its attempts to settle below the psychologically important support level at $1800 as traders move out of safe-haven assets. Meanwhile, silver faced resistance at $25.30 and pulled back towards the $25.00 level.
Yesterday, gold mining stocks tried to gain upside momentum as traders rushed to purchase shares near multi-week lows. Today, this rebound attempt may find itself under pressure as gold and silver move lower.
For a look at all of today’s economic events, check out our economic calendar.