Thursday's Markets Update (February 8, 2024)

10 Feb 2024 by rate3

On Thursday, unemployment claims dropped, but major indices closed higher from the previous session with the S&P 500 reaching a new ATH at 5,002. Traders seem to be focusing on strong earnings, discounting the higher-for-longer narrative. On world’s markets, in South Africa, manufacturing production rose, and cocoa continued to soar due to poor harvest expectations. Cryptocurrency-wise, Cardano saw a 5% gain, while BTC remained barely in the green, with ETH hovering near 2,4K in red, following a mini-rally at the start of this week.

Details

Unemployment claims fell slightly to 218K (-9K) after a revise-up, close to expectations, yet still above the past two-month average. Continuing claims dropped by 23K to 1.87m. Despite this, the labor market slowdown is evident with the four-week average up 3,750. States like Oregon, Ohio, and California saw decreases, but Missouri and Texas had increases.(DOL)
World Markets

South Africa’s manufacturing production rose 0.7% YoY in December 2023, the slowest growth in three months. Major declines from vehicle parts, chemicals, and textiles were offset by increases in beverages, petroleum, and paper. Monthly output decreased by 1.7%, with a 0.4% rise for the full year.(ZA)
Commodities

Cocoa futures rose for 7% in 24 hrs hitting a record $5,500/ton as supply concerns grow due to low stocks in top producers Ivory Coast and Ghana. Poor weather and crop diseases in the region have led to a 39% drop in shipments from Ivory Coast and a 35% decrease in Ghana’s arrivals, causing prices to soar.