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Friday, June 21, 2024

Jobless Claims Push S&P Lower, Dollar Higher

Economic Data Key Takeaways:

  1. Continuing Jobless Claims (May 11): Actual figure of 1,794K is slightly lower than the consensus of 1,799K and higher than the previous value of 1,786K.
  2. Initial Jobless Claims (May 18): Actual figure of 215K is lower than both the consensus estimate of 220K and the previous value of 223K, indicating a positive trend.
  3. Jobless Claims 4-week Average (May 18): Actual value of 219.75K is slightly higher than the consensus of 219K and the previous figure of 218K.

Other economic indicators:

  1. S&P Global Manufacturing PMI (May): Actual value of 50.9 is higher than the consensus and previous figures of 50, suggesting an expansion in the manufacturing sector.
  2. S&P Global Services PMI (May): Actual figure of 54.8 is significantly higher than the consensus and previous values of 51.3, indicating strong growth in the services sector.
  3. New Home Sales MoM (Apr): Actual decline of -4.7% is worse than the consensus estimate of -1.4% and the previous growth of 5.4%, signaling a slowdown in the housing market.
  4. New Home Sales (Apr): Actual sales of 0.634M units are lower than the consensus of 0.68M and the previous figure of 0.665M, confirming the slowdown in the housing market.

Market Reactions

The DXY showed slight growth, with the DXY currently up 0.19% following jobs data.

DXY 1-Minute Price Data

Investors could be flocking to the Dollar following the mixed labor market data and the slowdown in the housing market. The pressure of interest rates potentially causing a further slowdown could put more pressure on the Fed to lower interest rates.

The S&P 500 declined -0.82% Following the data.

S&P 500 1-Minute Price Data

The S&P 500 was affected by the latest economic data. The recent market reaction could be a potential pullback of the recent April Uptrend. The S&P 500 could potentially move toward its support level before continuing to rise, based off the pivot point data:

S&P 500 Pivot Points Data
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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