GDP for the 4th quarter of 2023 grew more than estimates and initial jobless claims ticked higher. Treasury yields are slightly lower.
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Good afternoon, traders. It’s Chris Chavez, Blue Line Futures and it’s your daily midday market minute. GDP showed that the economy grew in the fourth quarter more than expected. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website, there’s also a link to direct you to YouTube. You can subscribe that way.
We would love for you to follow us. We would love for you to help us build our following. Yeah. So the first release of GDP came in at 3.3% versus 2%. Estimates of the economy grew so far more than expected. Remember, we will get three releases of this, three revisions of this fourth quarter GDP. So for now, things definitely looked like they heated up in the fourth quarter.
This is definitely good to see. There’s no signs of weakness now when looking at jobless claims today, we did see a little bit of an uptick. Estimates calls for about 200,000 claims. We got a print of 214, so that’s slightly higher. Also, continuing claims did show a little bit of an uptick. Durable goods also showed a nice uptick, came in core durable goods month over month for December came in at a 6/10 increase versus a 2/10 increase expected.
So we got a lot of good economic data, a little bit of a mixed bag when looking at PC prices. They came in right at expectations, but yields are slightly unchanged, just on the negative side of things here today. So with the yields being on the negative side of things, you know, the Nasdaq is really outperforming. But the Russell and the Nasdaq are neck and neck here today.
Remember, interest rates are a major headwind for the Russell 2000 and SMALLCAPS. And looking at the Fed, watch tool for March, there’s a coin toss again for, you know, a cut or not. So really economic data, again, still going to be in the driver’s seat here and that’s why the markets are moving this way today. Now, tomorrow, we will get the first the Fed’s preferred inflation indicator, that’s PCE, personal consumption expenditures.
That’s going to be a big one. You see things heat up tomorrow. You could see interest rates, you know, potentially interest rate cut, expectations dampen. But, you know, if not, then maybe we will see a little bit of some interesting moves in the bond market and interest rates. So that’s going to be a really important one. Three star resistance for the S&P 49, 27 and three quarters, two 4933 and two and and a quarter.
NASDAQ three star resistance, 17 765 to 17 794. We’re right at that level here today. So want to see us break in close above their crude oil. Three star resistance, 7631 to 76, 71. Again, we’re right within that pocket. Silver. This has been a line in the sand here as of late. 2295 220 305i want to see us break in close above there before we eventually move higher.
And we have failed to do so. So if you have any questions, reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors.
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