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Editor’s note: This story has been updated to correct the consumer spending figure from the second-quarter GDP report and to state that weekly jobless claims saw an improvement, rather than a cooling in labor market conditions.
The U.S. economy expanded by a robust 3% in the second quarter, a significant acceleration from the 1.4% growth seen in the first quarter and representing an upward revision from the government’s initial estimates.
This outcome continues to underscore the U.S. economy’s strong resilience, even amid persistent high interest rates, marking the eighth consecutive quarter of growth.
In a separate report released Thursday, initial jobless claims for the week ending Aug. 24 came in slightly below expectations, suggesting some improvement in labor market conditions.
The U.S. dollar rallied following the release of the weekly unemployment insurance report, with the U.S. dollar index (DXY) up 0.4% as of 8:35 a.m. in New York.
On Wednesday, the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) rose by 0.5%, marking its strongest one-day increase since June 7.
In Thursday’s premarket trading, futures on major U.S. indices edged higher, despite Nvidia Corp. tumbling by 4% in reaction to earnings. Nasdaq 100 futures were up by 0.3%, while Dow Jones futures rose 0.6%.
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