Falling U.S. Jobless claims sends indices higher
After three consecutive days of losses, indices in the United States rebounded on Thursday, helped by declining jobless claims.
Data released by the Labor Department showed that Initial Jobless Claims came in at 444,000 for the week which ended May 15th.
This was better than the 478,000 claims the week prior, and lower market expectations of 450,000 applications this week.
Today’s number is the second straight week that claims have been below 500,000 and provides a sign of real-time recovery within the U.S. jobs market.
As a result of today’s data, the S&P 500, NASDAQ and Dow Jones were up between 0.42% – 1.4% as of writing.
Oatly climbs 28% on NASDAQ debut
The NASDAQ was up by as much as 1.46% in today’s trading session, as Swedish company Oatly made its debut on the Wall Street exchange.
Oatly, which produces oat milk as a substitute for standard milk has become popular in recent years as more and more people move away from Dairy.
Last year the company’s revenue rose to $421.4 million, and today filed its IPO at $17 per share, valuing the company close to $10 billion.
This is well above the company’s main U.S. based competitor, Beyond Meat who also offer substitutes to meat and dairy products.
Oatley’s CEO Toni Petersson today stated that, “I don’t see anyone else taking that leadership position the way we are. We are really serious and ambitious about what we’re going to do here.”
Listed on the NASDAQ as $OTLY, the Swedish company saw its share price rise to as much as 28%. As of writing the stock was trading at $21.48.
UK COVID-19 cases reach 1-month high
The FTSE 100 rose for the second consecutive session on Thursday, climbing back above 7,000 points as a result.
This comes despite data from the United Kingdom revealing that coronavirus infections today rose to their highest in the last month.
Figures from Britain showed that there were 2,874 new COVID-19 cases on Thursday, which is the highest daily number of new cases since April 19th.
Despite this, the FTSE 100 closed 1% higher in today’s session, as it was also reported that over 37 million people had been given a first dose of COVID vaccine.
Quote of the day – “Time is your friend; impulse is your enemy.”– John Bogle
Senior Market Analyst