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Stocks set to snap a 5-day losing streak, Jobless Claims and Bitcoin seesaws around $17,000

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Stocks are recovering in the US as investors wait for a key round pricing data point that could help tilt the balances about how tightened the Fed will be at its February policy meeting. ​This losing streak in stocks is unlikely to end due to positive catalysts, but because of exhaustion from the 5-day losing streak. ​ Jobless claims didn’t really tell us anything new but some investors were excited over an analyst upgrade given to Boeing’s stock. Wells Fargo raised their Boeing price target by $185 to $218

Wall Street won’t make much of today’s gains as it focuses on the upcoming pricing data points and next week’s FOMC decision.

US Data

Expectations are rising for this trend to continue. ​Initial jobless claims were 230,000, which is in line with expectations but 5,000 more than the previous reading. ​This data is supported by seasonal hiring, as the labor market remains tight.

Slowly the labor market is entering a tough period, which should slow wage gains for next year.

Cryptos

Bitcoin seems stuck at the $1700 mark until we can get past key pricing data and FOMC’s decision. ​ Cryptos…



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