First-time Unemployment Benefit Claims Decrease to 217,000.

• First-time Unemployment Benefit Claims dropped from 220,000 to 217,000.
• Ongoing Unemployment Benefit Claims rose from 1.81 million to 1.83 million.
• The SP500 reached new peak levels during premarket trading.

On November 9, the U.S. published the Initial Jobless Claims report, revealing that 217,000 individuals in the country filed for jobless benefits within one week. This figure aligned with analyst expectations, which projected Initial Jobless Claims of 218,000.

Concerning Continuing Jobless Claims, these increased from 1.81 million to 1.83 million, slightly exceeding analyst consensus of 1.82 million.

According to the FedWatchTool, there is an 85.4% probability that the Federal Reserve will maintain the federal funds rate at its current level in December. Traders anticipate a commencement of rate reductions by the Fed in June 2024.

Following the release of the Initial Jobless Claims report, the U.S. Dollar Index settled close to the 105.60 level. Although traders are preparing for rate cuts in 2024, demand for the American currency remains robust.

Gold prices settled below the $1950 mark and continue to trend downward. The rebound in Treasury yields is exerting pressure on the gold market, while the diminishing demand for safe-haven assets is influenced by indications that other countries are unlikely to become embroiled in the Israel-Hamas conflict.

The SP500 surged towards the 4400 level during premarket trading, with traders confidently betting on the Fed's decision not to increase rates this year. Currently, there are no indicators of profit-taking, as the overall market sentiment remains overwhelmingly bullish.