Marketbites: Higher Than Expected Jobless Claims
Portfolio Manager Commentary:
U.S. stocks closed higher Wednesday in a choppy session as meeting minutes from the Federal Reserve showed that the central bank is looking to hand out smaller rate hikes in the coming months as inflation cools off.
Shares of Nordstrom fell 4.24% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose 7.82% after Citi upgraded shares to neutral from sell. Deere surged 5.03% on an earnings beat.
Chart of the Day:
Jobless claims data came in higher than expected at 240,000 for the week ending Nov. 19 where economists expected 225,000, signaling that the labor market may be weakening. At the same time, however, durable goods orders for October were stronger than anticipated, coming in at 1%, more than the 0.5% expected.