U.S. Initial Jobless Claims fell to their lowest level since the peak of the COVID-19 pandemic.
The news, which is a major positive for the long-term health of the American labour force, saw claims for state unemployment benefits decrease by over 55,000 from the week prior. Applications came in at 787,000, which is better than the 860,000 expected.
Americans now wait for their next stimulus checks, pending negotiations between Pelosi and Mnuchin.
Markets in the U.S. were mainly flat on Thursday with moved between 0.2% to 0.5% up at mid-day.
Tesla rallies after earnings release
Shares in Tesla were up close to 5% at the open, after third quarter earnings beat analyst expectations.
The company which is led and founded by Elon musk reported that revenue came in at $8.77 billion vs $8.36 billion expected. Earnings per share also beat expectations and rose to 76 cents per share vs expectations of 57 cents.
Reports also confirmed that 139,300 vehicles were delivered during the quarter, which is a new record for the company.
As of writing, Tesla shares were up 2.35%.
Trump, Biden set for second debate
With less than two weeks to go before the U.S. election on November 3rd, President Donald Trump, and Democrat Joe Biden are set to face off, for the second time.
The candidates will go head-to-head from 9pm eastern time in Nashville, Tennessee and are expected to attract viewers from around the world, for their 1 hour and 30 minute debate. Heading into this evening’s event, Joe Biden currently leads the polls by 50% to Trump’s 41%.
Quote of the day – “Bulls make money, bears make money, pigs get slaughtered.”Unknown
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Senior Market Analyst