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Today traders have to process a lot of economic reports postponed to Wednesday due to the Thanksgiving holiday.
The U. . S.. . has just published reports on initial jobless claims and ongoing claims for unemployment benefit. The first report on unemployment claims showed that $ 778. 000 Americans filed for unemployment benefits within a week, compared to an analyst consensus of 730. 000.
Meanwhile, continued unemployment claims dropped to 6. 1 million, while analysts expected it to drop to 6 million.
Orders for durable goods increased by 1. 3% from the previous month in October compared to analyst consensus calling for 0 growth. 9%.
S&P 500 futures fluctuate between profits and losses in premarket trading after these economic reports were published. This is not surprising as the initial jobless claims report showed that the second wave of the virus put additional pressure on the labor market. Initial jobless claims rose for a second straight week and the trend is worrying.
Later on, traders will have the opportunity to review the latest personal income and personal expenses data.
Analysts say personal income was flat in October while personal expenses rose 0. 4% month on month.
New home sales are expected to grow by 1. 5% month-on-month after decrease by 3. 5% in September.
It will be interesting to see if the surge in the number of new coronavirus cases is putting significant pressure on consumer sentiment. The November final reading of Michigan Consumer Sentiment is expected to show Consumer Sentiment has fallen from 81. 8 to 77.
Oil has managed to break above the $ 45 level and continues to move higher despite rising inventories. The latest report on API crude oil inventory change found that inventories increased by 3. 8 million while analysts expected it to decrease by around 0. 3 million.
Traders continue to focus on positive vaccine news and expect the rebound in oil demand to be robust in 2021. In addition, the market expects OPEC to extend the current production cuts for the first quarter of next year.
Interestingly, many oil-related stocks are under pressure in premarket trading. Most likely, some traders have decided to take profits after the massive rally in November.
Unemployment Claims, Unemployment
World News – US – Equities mixed as initial jobless claims rise unexpectedly
. . Related Title :
– Stocks mixed as initial unemployment claims rise unexpectedly
– Initial US jobless claims rose to 778. 000, continued claims decreased to 6. 1 m
Ref: https://www.fxempire.com