|Day's Range||3.7300 - 3.7300|
Stocks rose Monday as investors considered another set of corporate earnings reports and awaited a slew of data on the state of the labor market this week as parts of the country continue to grapple with a rise in coronavirus cases.
Top news and what to watch in the markets on Monday, August 3, 2020.
The end of earnings season still has some big names left as Disney and Uber report. Several central banks report, and info on the U.S. labor market is released.
Stocks ended higher on Friday, with the Nasdaq outperforming after a slew of better than expected corporate earnings results from major tech firms. Facebook and Apple posted record closing highs.
Investing.com -- The Dow and Nasdaq staged a late-afternoon rally on Friday as investors shrugged off concerns about rising coronavirus cases across the U.S. to focus on Big Tech stocks.
Stocks traded mixed Tuesday, paring earlier declines with stimulus talks in Washington, updates on the Covid-19 vaccine front and corporate earnings results front and center.
The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new COVID-19 cases and depressed demand. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, also showed nearly 32 million people were collecting unemployment checks in early July. Relentless labor market weakness puts pressure on the U.S. Congress to extend a $600 weekly jobless benefit supplement, which expires on July 31.
The dollar weakened and gold rose further on Thursday as a gauge of global equities meandered after earlier gains in Europe and Asia as rising cases of COVID-19 crimped the U.S. labor market and deteriorating U.S.-China relations gave investors pause. Investors are selling the greenback on expectations the U.S. economy will likely underperform its peers in the developed world as the surge in new U.S. coronavirus infections pushed the overall number of cases over 4 million. "There has been a turn in dollar sentiment," said Marc Chandler, chief market strategist at Bannockburn Forex in New York.
Investing.com – Wall Street fell on Thursday, led by tech on further signs the rapid spread of the virus threatens the economic recovery as the number of Americans filing for unemployment rose for the first time in nearly five months.
Another 1.416 million Americans filed for first-time unemployment insurance benefits last week, signaling a weakening trend in the labor market as states across the US grapple with a resurgence in coronavirus cases. The result marked the first increase in new claims on a week over week basis since March.
Investors who once overwhelmingly expected President Donald Trump to be reelected have increasingly resigned themselves to the prospect of a Joe Biden presidency.
U.S. stocks rose on Tuesday as a rotation into economically sensitive cyclical stocks reflected optimism that Washington will deliver a new round of stimulus to sustain the U.S. economic recovery from a pandemic-induced recession. Financial, industrial and energy stocks provided the biggest lifts to the bellwether S&P 500 and blue-chip Dow as investors pivoted back to cyclicals. A drop in tech shares capped the Nasdaq's gains.
Stocks rose Monday as investors looked ahead to a packed week of earnings, stimulus talks and congressional testimony from Covid-19 vaccine developers.