The Dow Jones Industrial Average (DJIA) has pulled back 0.51% so far this week, losing most of the ground after the Federal Reserve press conference
lining, it is that the more growth-oriented NASDAQ is beginning to underperform the less interest rate sensitive Dow Jones index. The Initial Jobless Claims for the week ending September 15 were reported before market open on Thursday. The topline figure of 201K was well below consensus of 225K, as well as the previous week’s print of 221K. It seems the economy, and the labor market, is doing better than economists expected.
Continuing Jobless Claims for the week ending September 8 also performed better than the average forecast. Continuing Jobless Claims printed at 1.662 million, lower than the previous report for 1.683 million. After the market opens, data on US Existing Home Sales Change for August will be released. The consensus expects an improving picture after the previous month’s -2.2% print.
On Friday, the S&P Global PMIs for Manufacturing and Services will be released. Both are expected to improve 10 basis points to 48 and 50.6, respectively.The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152.
Dow Theory says that when this relationship gets out of whack, a reversal in trend is likely to come next. Sure enough, that seems to be taking place right in front of use.
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