(As of 7:20 am PST)
US stocks opened with gains
Thursday recovering some of yesterday’s losses while looking to record their
first positive session in three days. Surging oil prices helped to lift stocks
early and offset otherwise disappointing economic data. Oil rallied nearly 4%
to $45.40 per barrel as wildfires in Canada’s oil sands region disrupted output
in the area. Economic data is light but weak today. Jobless claims rose to
274,000 from 257,000 last week, rising to their highest level in 5 weeks. The
data comes just a day after a weak reading on private sector payrolls and lower
worker productivity. As we get set for tomorrow’s non-farm payrolls report
there’s a feeling we may see a “bad news-good news” trade creep back in to the
narrative of May’s trading month. Weak labor data may further delay the Federal
Reserve’s interest rate hikes this year, putting the Fed in a tight spot for
its June meeting. Perhaps we’re seeing a bid up in stocks today on that
speculation. In any event, tomorrow’s payrolls report will be highly scrutinized.
Across the globe, equity performance was mixed. Asian markets were mostly lower
while European markets were marginally higher. Precious metals are on the rise
as is the US dollar which is showing strength in recent days.
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