U. S. stock fell on Thursday when investors assimilated weekly knowledge of unemployment applications and comments from Federal Reserve Chairman Jerome Powell.
In a sign that the economic recovery of the COVID-19 pandemic is bogged down, weekly unemployment applications have fallen by more than 30,000 since last week to 860,000, more than the consensus estimate of 850,000.
Technology inventories led the decline even after the Snowflake cloud generation platform won wednesday’s initial public offering, and its inventory more than doubled on its first day of operations.
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Investors assimilated Powell’s policy speech Wednesday afternoon through the Fed, in which he expressed uncertainty about the economic recovery. Most of the Fed Board of Governors expects to raise interest rates until at least 2023.
Investors will most likely turn their attention to more congressional stimulus. While Republicans and Democrats are not on the same page on a “weak” deal, key negotiators seem positive about a deal.
President Donald Trump said Wednesday that Republicans are excited about the concept of sending larger direct bills to Americans.
On the other hand, Yelp said in a report that 60% of the 163,735 companies that had closed in the US have been able to do so. But it’s not the first time As of August 31, because of the pandemic, they would reopen, suggesting that small businesses fared worse than giants. Total company closures increased by 23% since mid-July, Yelp said.
SPAC’s madness continued when Richard Branson announced his goal of launching a $400 million special goal acquisition company. Branson has reveled in SPAC: his Virgin Galactic has become a public merger with a SPAC led by billionaire investor Chamath Palihapitiya.
Spot gold fell 1. 3% to $1,933. 17 an ounce. The US dollar prolonged its fall while yields on Treasury bonds increased slightly.
Crude oil futures fell after the American Petroleum Institute reported that U. S. inventories fell 9. 5 million barrels last week, according to Bloomberg, while West Texas Intermediate crude fell by $1. 8% to $39. 42 a barrel, and Brent crude, the oil standard, fell by $1. 7% to $41. 50 a barrel. at intraday lows.
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