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David Becker

US stocks were mixed as the Nasdaq surged higher driven higher by Microsoft and Apple which continued to rebound after the March selloff. Most sectors in the S&P 500 index were lower, led down by Utilities, while Technology shares bucked the trend. The 10-year yield moved higher on Wednesday following the Treasuries announcement that they were going to issue a new 20-year bond to borrow 20-billion dollars at the next quarterly funding. US private payrolls tumbled but came in lower than expected. Energy shares were under pressure as crude oil prices dropped in the wake of the Energy Departments’ figures on current inventories and production.

ADP Private Payrolls Tumble Less Than Expected

ADP reported on Wednesday that private payrolls tumble declining by more than 20-million jobs which were better than expected. The decline totaled 20,236,000, easily the worst loss in the survey’s history going back to 2002 but better than the 22 million that was expected. The previous record was 834,665 in February 2009.  The Labor Department uses the week of April 12 to estimate the numbers and this was prior to the huge increases in jobless claims.

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The Treasury Announces New Bonds

The Treasury Department is launching a new 20-year bond to help borrow enough money to handle the huge stimulus that the government needs to bail out the US household. At the next quarterly funding, the Treasury will introduce a 20-year coupon bond later this month. An auction May 20 will feature a sale of $20 billion worth.

Energy Demand is Down but Improving

The Energy Information Administration reported on Wednesday that total product demand during the last month averaged 14.8 million barrels a day in the US, down by 27.0% from the same period last year. Gasoline demand averaged 5.7 million barrels a day, down by 39.6% from the same period last year. Distillate fuel demand which includes diesel fuel averaged 3.0 million barrels a day over the past four weeks, down by 20.2% from the same period last year. Jet fuel demand was down 66.6% compared with the same four-week period last year.

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