The Market Brief
Hey team. Futures remained lower as traders analysed the latest jobless claims data for insights into the Federal Reserve's next moves. With major European markets closed, trading volume is expected to remain light.
Let’s dive into what’s ahead for the markets!
Impact Snapshot
🟥 US continuing claims rise to highest in more than three years
Macro Viewpoint
U.S. stock index futures edged lower on Thursday amid light trading volumes following the Christmas holiday.
Both the S&P 500 and Nasdaq ended Tuesday’s shortened session with gains for the third consecutive day, driven by strength in megacap and growth stocks.
Meanwhile, recurring applications for U.S. unemployment benefits climbed to their highest level in over three years, signaling that it is taking longer for unemployed individuals to secure new jobs.
Investors remain optimistic for a strong performance in the final trading days of the year, often referred to as the "Santa Claus rally."
This seasonal trend is attributed to factors such as low market liquidity, tax-loss harvesting, and the reinvestment of year-end bonuses.
