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jobless claims amazing, thank you trump
| Blathering chestnut orchestra pit | 07/09/20 |
| Blathering chestnut orchestra pit | 07/09/20 |
Poast new message in this thread
Date: July 9th, 2020 10:07 AM Author: Blathering chestnut orchestra pit not too late to get back in on the markets
https://finance.yahoo.com/news/stock-market-news-live-july-9-2020-221547568.html
tocks were slightly higher Thursday morning, with tech shares continuing their relentless march higher and sending the Nasdaq Composite to a fresh record high. A new report from the Labor Department showed both new and continuing unemployment insurance claims fell in the most recently reported weeks, helping alleviate concerns of a resurgence in joblessness following a rise in coronavirus cases domestically.
Amazon (AMZN), Microsoft (MSFT), Apple (AAPL), Facebook (FB) and Netflix (NFLX) added to gains Thursday morning, a day closing at hitting all-time highs.
Other non-FAANG tech names including Tesla, Zoom Video Communications, eBay, PayPal and Nvidia also rose to record levels Wednesday, with investors continuing to seek out shares of companies viewed as more insulated from the fallout from the coronavirus pandemic. The Renaissance Capital IPO (IPO) exchange-traded fund – exposed to some of the biggest newly public firms – also rose to a record high as growth companies outperformed.
“We do recognize that bond-like and secular growth stocks (e.g., mega-cap tech, indices such as Nasdaq 100) are already at new all-time highs. Crowding in these stocks indeed reached elevated levels,” JPMorgan strategist Marko Kolanovic wrote in a note Wednesday. “This is in part the result of long-short trades where portfolio managers are buying mega-cap tech and momentum stocks while shorting smaller cyclical and value stocks.”
“This trade is in part driven by market expectations for the COVID-19 pandemic to worsen (or not get better) and lead to permanent shifts in the economy. Another driver is the market’s current expectation of a high probability of a Biden win in the US elections,” he added. “We think the market is not properly pricing either of these events, a repricing of which could result in a rapid momentum selloff and value rally (e.g., tech vs banks, or tech vs energy).” |
Date: July 9th, 2020 10:27 AM Author: Blathering chestnut orchestra pit buy buy buy
https://www.cnbc.com/2020/07/09/weekly-jobless-claims.html
Jobless claims at better-than-expected 1.3 million, total getting benefits falls to 18 million
Weekly jobless claims totaled 1.314 million, compared with the Dow Jones estimate of 1.39 million. The total was a decline of 99,000 from a week ago. Continuing claims fell to 18.06 million, a drop of 698,000. |