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MarketBitesđź’¸: Higher Than Expected Jobless Claims

 

 

Welcome to MarketBites! Here's all you need to know about yesterday's market news.

 

"A man who wants to lead the orchestra must turn his back on the crowd.”

 - Max Lucado

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PORTFOLIO MANAGER COMMENTARY

U.S. stocks closed higher Wednesday in a choppy session as meeting minutes from the Federal Reserve showed that the central bank is looking to hand out smaller rate hikes in the coming months as inflation cools off.

 

Shares of Nordstrom fell 4.24% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose 7.82% after Citi upgraded shares to neutral from sell. Deere surged 5.03% on an earnings beat.

CHART OF THE DAY

Jobless claims data came in higher than expected at 240,000 for the week ending Nov. 19 where economists expected 225,000, signaling that the labor market may be weakening. At the same time, however, durable goods orders for October were stronger than anticipated, coming in at 1%, more than the 0.5% expected.

 

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WHAT ELSE IS HAPPENING

  • China invests billions in Pakistan - read here
  • Kyiv's critical infrastructure hit by Russian rockets - read here
  • U.S. poised to grant Chevron license to pump oil in Venezuela - read here