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S&P 500 Higher, as Jobless Claims Continue to Decline
The S&P 500 was trading marginally higher on Thursday, as markets reacted to the latest jobless claims data.
Figures released by the Labor Department showed that initial claims for state unemployment benefits dropped to 243,000 last week.
source: tradingeconomics.com
This is the fourth time in the last five weeks that claims have fallen, which is a strong signal for the U.S. jobs market.
Today’s report comes ahead of tomorrow’s Jackson Hole summit, where it is expected the Fed will provide some forward guidance on upcoming policy decisions.
As of this writing, the S&P 500 is trading 0.70% higher.
Peloton Stock Down More Than 20%, Following Earnings Report
Shares in Peloton were down by more than 20% in today’s session, following the company’s latest earnings report.
Peloton, which was a big gainer during the 2020 coronavirus pandemic, has seen a significant decline in popularity, as the world moved away from lockdown measures.
The company reported that revenue in Q2 fell by 28% from a year earlier, coming in at $678.7 million.
This was substantially lower than market expectations for $718.2 million, and comes as the company’s losses mounted.
It reported a loss of $1.24 billion for the quarter, which is the equivalent of $3.68 per share, and significantly worse than last year’s loss of $1.05 a share.
Dax 30 Higher, as German GDP Higher Than Expected
Germany’s Dax 30 was trading in the green on Thursday, as it was reported that the country’s GDP grew by more than expected.
Data on Thursday showed that gross domestic product in Germany rose by 0.1% from Q1 to Q2.
The figures also showed an annual increase of 1.7%, as the country recovered from COVID-19 related lockdowns.
Many still expect the German economy to slip into a recession this winter, as a result of rising energy prices.
The DAX 30 closed 0.39% higher
“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.”
-Jim Rogers.
