Markets
Nasdaq sets a new record again as stock futures remain steady
At this point, we all know that the year of 2020 has been extremely unique and strange if we look at the global scenario and the crisis we all are facing. Also, this year has been interesting for the stock markets as well because we have seen the biggest plunges in its history but there have been records set as well. Following on Nasdaq’s news from yesterday where it set a new record after the US services sector report, we have a new report of the same. It is once again known that Nasdaq has set a new record which is the 25th record close for the stock in 2020.
This happened during the overnight session Wednesday evening as the Future contracts of the US stock indexes were steady too. As we have mentioned earlier, Nasdaq is heavily populated by the big tech and that is the reason why we are seeing the Nasdaq Composite go up higher and higher. Looking at the numbers, Nasdaq climbed up by 1.44% after a 2.2% rally earlier this week. And this climb was due to the 2.3% jump up from Apple, 2.7% rise in Amazon’s stocks and Nvidia’s gains of 3.49%
However, we are likely to see a correction in the markets because the latest report from the Labor Department on weekly jobless claims is set to be released which will determine the future course of action. It will be interesting to see if the jobless claims have increased or decreased from last week’s report that will show us a trend in the US economy.
As per some sources, the week ending July 4 saw as many as 1.39 million workers file for unemployment benefits for the first-time-ever which is less than the rate from last week but still significantly higher compared to early 2020. It has been 15 straight weeks since more than a million people have filed for unemployment benefits from the states.
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