Reply To: Traders Market Weekly: Geopolitics, ECB and Apple

#43282
Truman
Participant

Equity futures continue to pullback as Fed Chair Powell’s discussion at the Cato Institute’s 40th Annual Monetary Conference gets underway.

The S&P 500 futures are down 19 points and are trading 0.5% below fair value.
The Nasdaq 100 futures are down 73 points and are trading 0.6% below fair value.
The Dow Jones Industrial Average futures are down 134 points and are trading 0.4% below fair value.

For the week ending September 3, initial jobless claims decreased by 6,000 to 222,000 (consensus 246,000). That is the lowest levels of initial claims since late May. Continuing jobless claims for the week ending August 27 increased by 36,000 to 1.473 million.

The key takeaway from the report remains the same: initial claims are running at levels indicative of a tight labor market that is still running against the grain of the Fed’s policy aim.

Treasury yields moved noticeably higher after the release. The 2-yr note yield is up three basis points to 3.48% while the 10-yr note yield is flat at 3.27%.

The US Dollar Index is making big upside moves, up 0.4% to 110.24.