Equity

Stocks Up on Jobless Claims

Posted 09/09/2021 11:52AM CTJeff Yasak

Stock futures were up this morning trying to hold off a 4th consecutive day of losses as traders are torn between a hot job market and the worries of soaring Covid-19 infections. Wednesday showed the DJIA and S&P 500 posting their 3rd consecutive days of losses as the tech-based Nasdaq fell for the first time this week. The market has taken bad news in stride, but August’s poor jobs data put a damper on 4th quarter strength. Another release by the Labor Department showed that open jobs hit a new record with nearly 11 positions remaining unfilled. New jobless claims came in today at 310,000, a pandemic era low. It yet remains to be seen how investors will try to sort the hot job market that is losing steam based on all the new cases of the Delta variant Covid-19 strain.

Support today is 449300 and 447500 with resistance showing 453000 and 454500.

E-mini S&P 500 Sep ’21 Daily chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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