Waiting on Jobs Report: Dave's Daily
Thursday's Jobless Claims report continued the consistent trend of revising previous claims higher allowing for a headline "beat". The data showed 357K claims vs 363K higher previously (adjusted higher from 359K). This led to headlines like: "Jobless Claims Lower" and so forth.
Consumer Discretionary (XLY) shares were much in focus as heavyweight McDonalds (MCD) led the sector higher overall. Financials (XLF), Materials (XLB) and Homebuilders (ITB) led the way lower.
Bond prices were higher (IEF & TLT) as was the dollar (UUP) while high yield or junk (HYG) bond prices were weaker. Gold (GLD), silver (SLV) and commodity (DBC) prices overall were somewhat higher along with crude oil (USO).
Volume was understandably weak ahead of the holiday and the employment report. Breadth per the WSJ was mostly negative.
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