U.S. Initial Jobless claims hit 17-month low
Initial jobless claims in the United States fell to their lowest levels in over 17-months, as the labor market continues to improve.
Figures from the Labor Department reported that applications for unemployment benefits fell to 348,000 for the week ended August 14th.
Today’s decline was the fourth straight week where claims have eased and takes the number of applications to their lowest level since March of last year.
Markets had forecasted that claims would fall to 363,000 applications for the latest week.
With the better than expected data, the benchmark S&P 500 avoided trading down with a small gain of 0.13% to close at 4,405.80 on the day.
Oil prices fall to lowest level in 3-months
Oil prices were down by as much as 3% in today’s trading session, hitting its lowest level since May as a result.
Prices of WTI crude hit an intraday low of $62.63 on Thursday, as the recent bearish sentiment in energy markets continued.
Today’s selloff means that prices have now fallen for six consecutive trading sessions and comes as oil demand slows.
Last week, the International Energy Agency opted to lower its oil demand forecast as a result due to the spread of the Delta variant.
As of writing, markets have settled, with WTI trading down 2.44%, closing at $63.86.
Shares in Robinhood were down by as much as 12% in today’s trading session, as the company warned that trading activity was slowing.
The company which held its earnings call after Wednesday’s closing bell stated that it was expecting lower levels of trading for Q3.
In a statement, it was said that “For the three months ended September 30, 2021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts than in the prior quarter”.
This led to investors liquidating positions, despite the news that revenue was up 131% to $565 million for the quarter.
$HOOD was down 10.26% on the day, after retreating by $5.11 to close at $44.69
Quote of the day – “The four most dangerous words in investing are: This time it’s different.”– Sir John Templeton