Initial Jobless claims fall more than expected
Data from the United States on Thursday showed that initial jobless claims declined by more than expected last week.
Figures for claims which were released on the eve of tomorrow’s Non-farm payrolls report, showed that the U.S. labour market was rapidly growing post-pandemic.
Applications for unemployment benefits dropped by 51,000 to 364,000 during the week which ended June 26th.
Analysts had expected claims to fall by 388,000 initial applications, today’s number dropped to the lowest level since the peak of the pandemic.
The Market will now wait to see if the recent positive jobs data will continue tomorrow when NFP figures are released.
Robinhood files for IPO
It was reported today that stock trading app Robinhood will be filing an IPO, after posting positive financial reports for 2020.
As many people around the world were told to stay at home due to the pandemic, Robinhood was one of the companies that benefited, by allowing would-be investors to speculate on investments from home.
The company today revealed its recent growth has resulted in it capturing over 18 million retail investors, with more than $80 billion in client deposits.
Robinhood Markets, which will use the ticker symbol $HOOD on the NASDAQ, reported that it generated net revenue of $959 million in 2020, after recording a loss of $107 million in 2019.
Many expect this to be one of the most anticipated IPOs in recent history.
Oil prices rally to 2-year high
Oil prices rose to their highest level in over 2-years, as OPEC and its allies which includes Russia, met to discuss output.
The rise comes as markets expect that the cartel will increase production by less than expected, as it continues to monitor the spread of the Delta variant of the COVID-19 virus.
It was said that OPEC+ members were considering adding around 2 million barrels per day.
WTI crude rose to an intraday high of $76.29 as a result of the reports, many now wait to see what the cartel confirms in upcoming days. Demand for energy currently outweigh supply, which has led to prices rapidly rising in the last few months.
Quote of the day – “What’s the difference between a pro and an amateur? Professionals look for what’s wrong with a setup. Amateurs only look for what’s right.”– Mark Harila
Senior Market Analyst