At-a-Glance
Today’s Top Highlights
The U.S. Equity Indices are seeing a strong move to the upside today, all marking fresh highs for the week and the Nasdaq and S&P both hitting a new all time high price on the session today. The broad strength in the equity markets has been sharp since the bottom after the tariff announcement, but now these markets are entering an “overbought” area when looking at the relative strength index on a daily basis. This figure is not bullet proof, but can show how the momentum for any given market is tracking relative to the price increase or decrease.
There was a lot of strong data points released today that came in mixed which gave the equity markets a boost into the weekend:
- Average Hourly Earnings: Worse than expected
- Initial Jobless Claims: Better than expected
- Nonfarm Payrolls: Better than expected
- Unemployment Rate: Better than expected
Next week traders will hear more from the Fed on this data and what that could mean for the potential rate cuts coming this year.
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