New applications for US state unemployment aid, considered a proxy for lay-offs, rose to their highest level in almost two months, another sign of economic resilience even as the Federal Reserve keeps interest rates at a 22-year high.
Initial jobless claims totalled 217,000 during the week ending October 28, the labour department said on Thursday, reaching their highest level since the week ended September 9.
Economists expected 210,000 applications, a decrease from the previous week’s upwardly revised level of 212,000.
The US central bank on Wednesday decided against raising rates, despite robust economic data — including a labour market that has cooled slightly but remains strong — but indicated it was leaving all monetary policy options on the table.
ELF Beauty’s stock exhibited a remarkable premarket surge of nearly 15%. This followed a previous day’s uptick of 2.1%, with the closing price settling at 94.54 on Wednesday. This positive trend marked a reversal from earlier in the week when ELF Beauty’s stock had experienced a 10.2% decline, dipping below its 200-day moving average. The company, well-known for its popularity among millennials and Gen Zers, faced a temporary setback as one analyst expressed concerns about a potential slowdown.
The consumer discretionary stock had been on a downtrend since September, partly influenced by broader market conditions. However, the premarket activity on Thursday suggested that the stock might regain its momentum by surpassing both its 200-day moving average and re-establishing itself above certain short-term technical support levels. New applications for US
At the close of the market on Wednesday, ELF Beauty stock had still managed to maintain an impressive 66% gain from its breakout in January, surpassing the 56.92 flat-base buy point, as indicated by the MarketSmith chart.
Ørsted, the world’s largest offshore wind developer, has been threatened with a downgrade by credit rating agency S&P after taking huge writedowns on its US projects this week.