Fewer people applied for unemployment benefits in the latest week, and investors are thrilled. The S&P 500 index jumped to a new record as the Dow added more than 100 points.
Jobless claims totaled 340,000 in week ending August 28th, slightly less than expected. U.S. stocks powered higher on the news.
Tomorrow will bring the unemployment report for the month of August. Economists anticipated a decline in the unemployment rate to 5.2% and over 700,000 jobs being added.
Jobs are seen as critical for the Federal Reserve’s monetary policy objectives. Lower unemployment is one of the Fed’s key goals.
If the job market can improve significantly, it suggests the economy will have stabilized.
In Today’s Markets:
U.S. stock markets were up on the news.
U.S. Dollar and Treasuries
U.S. Treasury yields dropped. The dollar weakened against a basket of major currencies.
|U.S. Dollar Index (DXY):||92.41||-0.04||-0.04%|
|U.S. 1 Year Treasury Bill||0.070%||-0.001||0.071%|
|U.S. 2 Year Treasury Note||0.208%||-0.004||0.211%|
|U.S. 5 Year Treasury Note||0.768%||-0.008||0.776%|
|U.S. 10 Year Treasury Note||1.294%||-0.006||1.300%|
|U.S. 20 Year Treasury Bond||1.832%||-0.007||1.839%|
|U.S. 30 Year Treasury Bond||1.908%||-0.007||1.915%|
Stocks To Watch
Stocks of Meten Edtechx lost its gains after surging in Wednesday’s regular trading hours. The company had announced an initiative to develop a blockchain and crypto business. The announcement made the stock close 36% percent higher on Wednesday. The company is one of the leading English language teaching services in China, and one of the companies that was hit hard in the Chinese ed-tech crackdown.
Pharmaceutical company Plus Therapeutics announced it has entered into an agreement with RadioMedix to produce radiopharmaceuticals for the market. The company specializes in targeted radiotherapeutics for rare and difficult-to-treat cancers.
Biotech company Tiziana Life Sciences announced an exclusive licence agreement with Precision BioSciences to research and develop Tiziana’s foralumab for improving the clinical outcome of CAR T cell therapy.
|Meten Edtechx Educa.||METX||$0.43||-0.4894||-53.23%|
|Tiziana Life ADR||TLSA||$1.98||+0.330||+20.21%|
Commodities To Watch
Oil rose on declining inventories and a weaker dollar, even as OPEC+ signaled a gradual increase in output. Gold dropped.
|WTI Crude Oil||$69.02||0.63%|
|Brent Crude Oil||$72.08||0.68%|
The global crypto market cap is $2.08T, a 1.85% decrease over the last 24 hours. Bitcoin’s dominance is currently 43.21%, an increase of 0.54% in the same period.
|Symbol||Price||Chg. %||Market Cap.|