Welcome to Extreme Investor Network, where we provide unique insights into the stock market, trading, and all things Wall Street. Today, traders had the opportunity to analyze the Initial Jobless Claims report, which revealed that 258,000 Americans filed for unemployment benefits in a week, slightly above the analyst consensus of 230,000.
As traders digested this information, Treasury yields saw a pullback. The yield of 2-year Treasuries dipped below the 4.00% level, while the yield of 10-year Treasuries moved towards 4.05%. However, it’s important to note that Treasury yields have already started to bounce back from recent lows.
The U.S. Dollar Index also experienced a retreat from session highs as traders chose to focus on the disappointing Initial Jobless Claims report rather than the rising Core Inflation Rate. This shift in sentiment may lead to continued volatility in the U.S. Dollar Index as traders analyze the data further.
Meanwhile, gold settled near the $2620 level as traders kept a close watch on the movements of the U.S. dollar and Treasury yields.
On the equity side, the SP500 tested session lows as traders reacted to the combination of rising inflation and weakness in the job market.
For a comprehensive overview of all today’s economic events and their impact on the market, be sure to check out our economic calendar for up-to-date insights. Stay tuned to Extreme Investor Network for more exclusive analysis and market updates that will help you navigate the world of trading with confidence.