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Jobless claims in the u.s.

Initial Jobless Claims Decline, Alibaba Soars & The EU’s Decision Regarding Russian Oil

S&P 500 climbs, as initial jobless claims decline

The S&P 500 was trading higher on Thursday, as markets reacted to data which showed that jobless claims had fallen.

Figures from the Labor Department reported that jobless claims had fallen to 210,000 from 218,000 the previous week.


source: tradingeconomics.com

This comes as markets expected a drop of 3,000 to a total of 215,000 applications for the latest week.

Whilst claims for the week fell, so did U.S. GDP which was revised lower to show a contraction of 1.5%.

At the close, the S&P 500 was 1.99% higher.

Alibaba shares soar, following Q1 revenue growth

Alibaba shares soared during today’s trading session, as markets reacted to the company’s quarterly earnings report.

The company, which was founded by Jack Ma, reported that reported revenue for the quarter rose by 9% to $30.35 billion.

Although revenue grew, it was the slowest rate of growth since 2014, when the company went public.

Speaking following the release of the figures, the company’s CEO Daniel Zhang decided not to give any forward guidance on financial performance, citing COVID-19 and geo-political risks as reasons why.

$BABA finished the trading day 14.79% higher at $94.48.

Oil hits 2-month high, as EU moves towards Russian oil embargo

Oil prices rose to a two month high on Monday, as markets begin to prepare for an imminent Russian oil embargo.

The European Council President Charles Michel joined European Commission President Ursula von der Leyen in stating that an agreement was days away.

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Currently Russian forces seem to be succeeding in claiming the Luhansk province. A long ways away from their more ambitious target of overthrowing the Ukrainian government, but a goal that has left a bloody trail and a world wide shortage of grains and fertilizers that recently had poorer nations calling for help as worries of famine begin.

Members of the Union will meet next week to discuss the proposed ban, with Hungary one of the only countries opposing a deal.

OPEC+ will also be meeting next week, with the cartel expected to hold firm on its existing production deal and increase output by 432,000 barrels per day in July.

WTI crude is trading at $114.15 as of writing this.

 “You make most of your money in a bear market; you just don’t realize it at the time.”