Indices Struggle on Unemployment Data
As US jobless claims show a striking 1.5 million, higher than the 1.3 million experts have predicted, indices react accordingly, with Dow Jones and S&P 500 both shedding 0.2%, and Nasdaq - 0.05%.
The US economy clearly continues to be butchered by the coronavirus pandemic, and elevated claims are proof, despite the fact that all the states are currently undergoing reopening, and May’s NFP has seen a positive 2.5 million growth.
Generally, Wall Street still appears confident, as investors believe that a large portion of jobs losses will come back. There is, however, no guarantee it will happen, and some experts fear that sooner, rather than later, Wall Street may be forced to take off its rose-colored glasses and face the situation head-on.
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