The Dow Jones and S&P 500 indices traded lower on Thursday, as figures released showed that initial jobless claims remained close to record levels.
Jobless claims showed that close to 793,000 Americans had applied for state unemployment benefits in the past week, which ended February 6th.
Although many had forecasted 757,000 applications for last week, today’s numbers show the current magnitude of the U.S. Labor market crisis.
This is one of the reasons why we have seen many from Janet Yellen to Nancy Pelosi moving to push through President Biden’s $1.9 trillion stimulus package.
Although Pelosi stated that the House would approve and forward the Senate the COVID-19 bill by month’s end, markets still traded lower.
As of writing the Dow Jones and S&P 500 were down 0.36% and 0.09% respectively.
Uber shares fall as earnings disappoint
Ride hailing app, Uber today saw its share price fall on the news that their Q4 earnings fell well below expectations.
With many nations around the world forcing its residents to stay at home and only travel for essential purposes, it was expected that Uber would see a drop in volume, however the expectations seemed to have been worse than expected.
The company reported a loss of 54 cents per share, versus expectations of 56 cents. This resulted in annual net losses of $6.77 billion.
In addition to this, revenue figures also disappointed coming in at $3.17 billion versus $3.58 billion expected.
Uber stock was down 1.56% as of writing.
Bitcoin edges closer to $50,000
After being boosted earlier in the week by the news Tesla had made a significant investment in Bitcoin, BTCUSD once again recorded new highs today.
The cryptocurrency rallied to an intraday high of $48,374, as many now expect the market to hit highs of $50,000 in the near future.
Overall, the value of Bitcoin has risen by over 60% so far this year, after quadrupling in price in 2020.
As of writing BTCUSD had marginally dropped and was trading at $47,600.
Quote of the day – “I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have”Paul Tudor Jones
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Senior Market Analyst