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Daily Market News: Dow Jones back below 26,000 after jobless claims data

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What to watch

Producer price index: PPI data for June will be released on Friday in the US by the Bureau of Labor Statistics. The data measures the average change over time in the prices received by US producers for the products and services they provide. Month-over-month and year-over-year data will be released, with economists anticipating an increase versus May but a drop compared to June 2019. PPI provides a different perspective on inflation to the consumer price index, as it shows the cost of goods and services from the perspective of the industries that produce them, rather than consumers. The index is often used to underpin long-term contracts to supply goods, such as components for manufacturing.

Presidential election: Thursday was a significant day in the race for the presidency. The US Supreme Court ruled that the President’s financial records and tax returns could be accessed by New York prosecutors, but crucially in another ruling the court put a temporary block on a similar request from Congress. What that means is the public release of his tax returns may not happen between now and the election, per the FT, potentially helping avoid another major public controversy. Trump has already taken to social media to vent his frustration at the ruling, claiming he is being harassed – despite his own two nominees to the Supreme Court siding against him. Investors are paying close attention to the presidential race, as Trump and Biden represent two very different outcomes for corporate tax rates and regulation.

Crypto corner: Is Bitcoin price tracking the S&P 500?

New statistics suggest the correlation between Bitcoin and the S&P 500 US equity index are approaching all-time highs.

Between March and May this year, and again in mid-June to now, the correlation between the way the cryptoasset and the US’ key index trade has moved close to a score of 1, which represents a perfect correlation.

One analyst told Bitcoinist that the two now have a correlation of 0.95. Bitcoin has recovered broadly in line with the S&P 500 from the lows seen in March, but neither has been able to revisit previous highs seen earlier this year.

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All data, figures & charts are valid as of 10/07/2020. All trading carries risk. Only risk capital you can afford to lose.  

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

The post Daily Market News: Dow Jones back below 26,000 after jobless claims data appeared first on LeapRate.

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