Unemployment Claims Remain Steady Ahead of the NFP Tomorrow

Tomorrow we have the big event for the week, as the nonfarm payroll numbers will be released, which have been quite strong in 2023. The unemployment claims showed that the labour market is strong and steady, however the US Dollar has been declining after Powell’s confirmation that rate cuts are coming.

Overall, the market sentiment appears positive at the start of the trading session. The S&P 500 is trading at around 5,150 points at new record highs, moving above last week’s highs, after opening with a 50-point bullish gap today.

As of the opening bell, the major US stock indices are showing strong gains:

• The NASDAQ index is up over 206 points, or 1.65%, trading at 16,320.
• The S&P 500 index is also showing significant gains, up by more than 1%.
• The Dow Jones Industrial Average is up by 0.8% or more as well.

US Initial Jobless Claims and Continuing Claims

• Initial jobless claims came in at 217,000, slightly higher than the estimated 215,000.
• The previous week’s initial jobless claims were revised up from 215,000 to 217,000.
• Continuing claims stood at 1.906 million, slightly above the estimated 1.889 million.
• The prior week’s continuing claims were 1.898 million, revised from the previously reported 1.905 million.
• The 4-week moving average of initial jobless claims was 212,250, compared to 213,000 the previous week.
• The 4-week moving average of continuing claims was 1,888,000, up from 1,878,000 last week. This is the highest level for this average since December 11, 2021.
• The states with the largest increases in initial claims for the week ending February 24 were Massachusetts, Rhode Island, Connecticut, California, and Missouri.
• The states with the largest decreases in initial claims were Oklahoma, Texas, Michigan, Oregon, and Florida.

S&P 500 Live Chart

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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