AllMarket Update
logoArgusMarch 25, 2021

Market Update: GIS

Consumer Defensive

Stocks fell on Thursday morning for a third consecutive day, led by the Technology sector. Fed Chair Jerome Powell reiterated that the Fed is committed to targeting 2% average inflation rate. On the employment front, the Labor Department said that first-time claims for state unemployment benefits fell to 684,000 for the week ended March 20, down from 781,000 a week earlier and below the Bloomberg consensus forecast of 730,000. This was the lowest number since before the pandemic. The Dow fell 0.4%, the S&P 0.4%, and the Nasdaq 0.8%. Crude oil traded near $58 per barrel, while gold rose $3 to $1736 per ounce.

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