FXEMPIRE
All

US Stock Market Overview – Stocks Edge Higher Ahead of Jobs Report

Jobless claims fall more than expected
David Becker

US stocks moved higher on Thursday, after fluctuating between positive and negative territory for most of the trading session. Most sectors were higher led by materials which rallied 0.9%. Energy shares bucked the trend. The VIX volatility index decline by another 1.5% on Thursday, ahead of Friday’s jobs report which is scheduled to be released at 8:30 AM ET. Expectations are for non-farm payrolls to rise by 175,000 jobs. There has been a divergence in economic data this week. While the ISM manufacturing and services reports came in weaker than expected, the job components in the service sector and claims remain very robust. Jobless claims on Thursday unexpected declined by 10,000, moving back to an 8-month low. Factory order also came in stronger than expected.

 

Jobless Claims Unexpectedly Declined

US jobless claims dropped 10,000 to 203,000 for the week ended November 30, the lowest level since mid-April, according to the US Labor Department. Data for the prior week was unrevised. The expectation had been for claims to rise to 215,000 in the latest week. Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid rose 51,000 to 1.69 million for the week ended November 23. The four-week moving average of the so-called continuing claims was unchanged at 1.68 million.

Factory Orders Rise More than Expected

The commerce department reported on Thursday that Factory orders rose 0.3% in October. This is the first gain in three months. Orders in September were revised to a 0.8% drop compared with the previous estimate of a 0.6% fall. Expectation were for a 0.2% rise. Durable goods orders rose a revised 0.5%, down slightly from last week’s initial estimate of a 0.6% rise. Orders for nondurable goods were flat in the month.

Zoom Shares Tumble

After the closing bell Zoom the teleconference software company reported earnings that beat on the top and bottom line but the shares tumbled after the company issued fiscal third-quarter earnings that revealed slowing growth. Earnings were 9 cents per share, versus 3 cents per share expected. Revenue came in at $166.6 million, versus expectation of $154.9 million. Zoom’s revenue increased 85% on an annualized basis in the third quarter of the company’s 2020 fiscal year.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US