🚀 Jobless Claims Lower Than Expected

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Last week, U.S. unemployment claims fell to 233,000, beating expectations of 240,000 and indicating resilience in the job market. The 17,000 drop from the previous week brought some relief to Wall Street, which is concerned about potential slowing job growth and a looming recession. Following the report, stock futures improved slightly, while Treasury yields remained elevated. However, ongoing claims rose to 1.875 million, the highest since November 2021, and the four-week average of jobless claims increased to 240,750, the highest in nearly a year, signalling potential underlying challenges in the labour market.

2. JPMorgan Chase CEO Jamie Dimon estimates a 35% to 40% chance of a "soft landing" for the U.S. economy, with a recession being the most probable outcome. Dimon maintained this view from February, citing uncertainties from geopolitics, housing, deficits, spending, quantitative tightening, and elections. Despite his previous warnings of an economic "hurricane" since 2022, he acknowledged that the economy has performed better than expected, although rising credit card defaults are a concern. Dimon is doubtful that the Federal Reserve can achieve its 2% inflation target, given anticipated future spending on the green economy and military.

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4. Headlines

   1. Warner Bros stock is down after having to write down $9.1B on its TV networks.

   2. Palantir is partnering with Microsoft to sell AI to US defence and intelligence agencies.

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