Thursday's Markets Update (Feb 9, 2023)

10 Feb 2023 by rate3

Today, the Labor Department reported 196K insured jobless claims for the Week 5, which was not in line with market expectations of 190K. The non-seasonally adjusted jobless claims, which include predictable seasonal fluctuations such as temporary layoffs, rose by 10K to 235K, a 4.3% increase. The largest increases were observed in California, Ohio, and Illinois.

Despite the visible deterioration in the employment situation, the nationwide insured unemployment rate remained strong at 1.2% for the 4th week. The highest insured unemployment rates were recorded in New Jersey, Rhode Island, and California.

During Thursday's trading session, the markets continued to correct, with NASDAQ declining by 2.3% (open:12069, close:11789) and BTC dropping by 3.3% (open:22747, close:21994). I would argue that the market's main driving factor remains technical rather than fundamental.