U.S. first-time unemployment claims fall to lowest level since May
Initial jobless claims fell...
Initial jobless claims fell by 4,000 to 217,000 in the week ending Nov. 9, the lowest level since May. This was better than the expected 1,000 decline to 220,000. Before seasonal adjustments, the number of new claims jumped by 16,735 to 229,478. The number of people already collecting unemployment benefits fell by 11,000 to 1.87 million.
Despite the mixed data, the overall picture suggests companies are not rushing to hire at the same pace as earlier in the year and are not aggressively laying off workers. Richmond Fed President Tom Barkin noted that employers are wary of being understaffed again after the pandemic. Economists believe the Federal Reserve's current policy approach of gradual tightening is appropriate given the strength in the labor market.
Canadian oil sector cautiously optimistic on Trump
US refiners' heavy reliance on Canadian crude make tariffs on oil imports...
US refiners' heavy reliance on Canadian crude make tariffs on oil imports from the north unlikely, although President-elect Donald Trump's pro-oil policies might intensify competition for global market share, industry insiders say. Looser regulations in the US could inspire Canada to streamline its own policies and boost investments to keep pace with American productivity, according to Explorers and Producers Association of Canada CEO Tristan Goodman.
N.D. seeks to defend Dakota Access Pipeline in lawsuit
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's...
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's economy, state officials argued in a request to intervene in a Standing Rock Sioux Tribe lawsuit challenging the US Army Corps of Engineers' approval of the pipeline. The state estimates a revenue decline of $900 million within the first year of closure and up to 11,000 lost energy jobs.
Inflation ticks up, but no alarm bells set off. US...
Inflation ticks up, but no alarm bells set off. US consumer prices rose at a 2.6% annual pace in October, up from 2.4% the month prior, according to yesterday’s inflation report. Time to panic? No. In fact, investors saw this as good news: The inflation rate for October matched expectations and appears to be on a long-term downward trend, setting the stage for the Fed to cut rates again at its next meeting in December. Prices for airfare, medical care, and used vehicles all rose on a monthly basis, but online grocery prices posted their first annual decline since Covid began more than four years ago, a separate report from Adobe found.
The FBI reportedly raided the NYC apartment of Shayne Coplan, the founder and CEO of Polymarket, the prediction betting platform that rose to prominence during the recent election. It’s not clear what the FBI was looking for.
Spotify is going all-in on video podcasts to dethrone YouTube. The company said yesterday it will start paying creators who hit certain engagement levels on their videos and will remove automated ad breaks in videos for premium subscribers.
Kraft Heinz will no longer offer Lunchables to schools this year, blaming low demand.
Klarna, the Swedish buy now, pay later giant, filed IPO docs to go public in the US. It’s currently valued at around $15 billion.
Stock Futures are Little Changed as Post Election Rally Shows Signs of Wavering
U.S. stock futures were little changed Wednesday night, as the major...
U.S. stock futures were little changed Wednesday night, as the major averages’ postelection run began to show signs of stalling.
On Wednesday, the 30-stock Dow and S&P 500 closed out the regular session near the flatline, with the former rising 47.21 points, or 0.11%, and the latter eking out a 0.02% gain. The Nasdaq Composite ended the session down by 0.26%.
Those moves come after the October consumer price index came in as expected, but nevertheless signaled the Federal Reserve’s fight against inflation is yet to be won. Core CPI rose by 0.3% for a third straight month, with the 12-month rate at 3.3%.
