US stocks head for 7th day of record highs, while oil tops $75 for the first time since 2018

US stocks record highs oil
Gulf
  • Date: 02-Jul-2021
  • Source: Business Insider
  • Sector: Financial Markets
  • Country: Gulf
  • Who else needs to know?

US stocks head for 7th day of record highs, while oil tops $75 for the first time since 2018

US stocks were set to log their seventh day of record highs on Friday as investors looked forward to a major indicator of recovery, the Labor Department's June jobs report. Futures on the , , and rose 0.2%, suggesting a higher start to trading later on. Deutsche Bank's US economists expect monthly non-farm payroll data, due later on Friday, to show a 700,000 gain for the month, which should help cut the to a post-pandemic low of 5.7%. Weekly jobless claims data on Thursday showed the number of Americans filing for unemployment insurance , versus 388,000 expected, for the week through June 26. Markets got the second half of the year off to a strong start on Thursday, with risk assets resuming their upward march, Deutsche Bank research strategist Jim Reid said. "Indeed, the mood was pretty buoyant across multiple asset classes," he added. The , which measures the market's expectations of volatility in the coming 30 days, fell -0.4 points to 15.41 to reach its lowest level since the pandemic began. While volatility is subdued, the potential catalysts that could cause it to flare up again include inflation concerns, persistent COVID-19 worries, and ongoing geopolitical tensions, according to UBS.

Check the history on the topic
Vote to feature