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Vladimir Zernov
U.S. Stock Market

Continuing Jobless Claims Decline To 15.5 Million

The U.S. has just provided Initial Jobless Claims and Continuing Jobless Claims reports.

Initial Jobless Claims have declined to 963,000 compared to analyst consensus of 1.12 million. Initial Jobless Claims have dipped below 1 million for the first time since the beginning of the current crisis.

Meanwhile, Continuing Jobless Claims have declined to 15.5 million compared to analyst consensus of 15.9 million.

While the U.S. employment reports were better than expected, S&P 500 futures are mixed in premarket trading as stocks are very close to all-time highs and some traders are cautious about the future direction of the market.

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Trade Wars In Focus

This weekend, U.S. and China are set to review the implementation of the Phase 1 trade deal between the world’s biggest economies.

While tensions between U.S. and China have significantly increased in the last few months, the trade deal remains intact.

China has recently stated that it U.S. should create conditions for the implementation of the Phase 1 deal, referring to the recent U.S. actions against Chinese companies. However, there is no evidence that China is trying to sabotage the deal.

Meanwhile, U.S. has decided to maintain its tarrifs on European aircraft and some other goods, prompting EU to call for a resolution of the current trade row.

At this point, markets do not believe that the world is set for another round of trade wars, but that’s a story that should be watched closely.

Precious Metals Continue To Rebound After Recent Sell-Off

Gold and silver mining stocks are set to be active today as both gold and silver continue their rebound after the major sell-off.

Earlier, the U.S. government bond yields have started to decline after a rally but have changed course and try to continue their upside move.

The continued uncertainty regarding the fate of the new coronavirus aid package in the U.S. leads to increased volatility in both the U.S. dollar and the U.S. government bonds.

In case the U.S. bond yields continue to rise further, gold and silver may reverse course and gain more downside momentum, putting pressure on gold and silver mining stocks.

For a look at all of today’s economic events, check out our economic calendar.

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