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Chip Stocks, Big Banks, Airline Losses: 3 Things to Watch

Jobless Claims, Online Gambling, Fintech: 3 Things to Watch

Stock MarketsApr 07, 2021 04:16PM ET
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© Reuters.

By Liz Moyer

Investing.com -- The markets were muted as everyone waited to hear the Fed’s thoughts on the current state of the economy.

The indexes have surged to record highs in recent days as a strong vaccine rollout and reopening trade overcame fears that inflation is in danger of running hot.

But the Fed is more focused on the labor market recovery, as its meeting minutes from last month’s policy meeting showed on Wednesday. The green shoots are sprouting, but the economy still needs help, the Fed said.

At last month’s meeting, the Federal Open Market Committee let interest rates alone at zero to 0.25% and promised to keep bond purchases at a monthly pace of $120 billion.

While job data has shown the labor market is rebounding, there is still much room for improvement. More data on unemployment claims is due out on Thursday.

Here are three things that could affect markets tomorrow:

1. Who’s still left behind?

After a series of stronger than expected economic reports in recent days, attention now turns to who has still been left behind in the reopening. President Joe Biden is out promoting his jobs and infrastructure plan, which has come under pressure from Republicans for not spending enough on actual infrastructure. Half the $2 trillion package goes to building out broadband, retooling manufacturing, rehabilitating schools and other projects.

Initial jobless claims for last week are expected to be 680,000 down from 719,000 the prior week. Continuing claims are estimated to be 3.65 million down from 3.79 million the prior week. The data comes out at 8:30 AM ET (1230 GMT).

2. Gambling’s going on here

New York State, looking to close a $15 billion funding gap, approved a budget that makes way for online gaming, a long-anticipated move that could generate millions in tax revenue. It could also boost the shares of gaming companies DraftKings Inc (NASDAQ:DKNG) and Penn National Gaming Inc (NASDAQ:PENN) as well as casino companies like MGM Resorts International (NYSE:MGM) that have been building out e-gaming and online sports books. 

3. Banks vs. fintech

Plaid has tripled its valuation just months after scuttling a deal with Visa Inc Class A (NYSE:V), another sign of the growing threat of fintech on big banks. The company announced a $425 million funding round on Wednesday, boosting its valuation to $13.4 billion. Another fintech, Robinhood, is preparing a public offering, while more established players like Square Inc (NYSE:SQ) and PayPal Holdings Inc (NASDAQ:PYPL) have gained ground in the payments business.

JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon said in his annual letter to shareholders that competition is intensifying, adding that “acquisitions are in our future and fintech is an area where some of that cash could be put to work.”

 

Jobless Claims, Online Gambling, Fintech: 3 Things to Watch
 

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Comments (5)
jonathan ehlebracht
jonathan ehlebracht Apr 08, 2021 12:51AM ET
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ANALYTIXINSIGHT(ALY/ATIXF) is best unknow fintech/AI right now
jonathan ehlebracht
jonathan ehlebracht Apr 08, 2021 12:51AM ET
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Will likely triple this year
jonathan ehlebracht
jonathan ehlebracht Apr 08, 2021 12:51AM ET
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https://sophiccapital.com/analytixinsights-marketwall-interest-should-reward-investors/
Bảo Lê
Bảo Lê Apr 07, 2021 6:41PM ET
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FTCV to the moonnnn, FTCV is eToro SPAC stock guys
Billy Bilnaad
Billy Bilnaad Apr 07, 2021 6:41PM ET
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Bao Le Pump? Lol
Bảo Lê
Bảo Lê Apr 07, 2021 6:41PM ET
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FTCV to the moonnnn
Lonnie Shelton
Lonnie Shelton Apr 07, 2021 6:37PM ET
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sounds about right. infrastructure plan with <50% infrastructure spending. I'm sure the Dems have plenty of pork in there for their own interests.
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Chris Hall
Chris Hall Apr 07, 2021 6:37PM ET
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but it's ok for republicans to rob you blind... your logic is not intelligence its ignorance
Genuinely Curious
GenuinelyCurious Apr 07, 2021 6:37PM ET
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Shawn Gachassin  No clue how this is related to boomer or not.
Bob Ruppert
Bob Ruppert Apr 07, 2021 6:37PM ET
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he stated a fact. about a third us for things that can legitimately called infrastructure and the rest are Dem programs and big pains have been made by Democrats to let everyone know that this is a 100% Democratic bill. Blame Republicans when they spend money recklessly. I do. This one is all on Democrats, though, and there made it clear that this is just the beginning
Bob Ruppert
Bob Ruppert Apr 07, 2021 6:37PM ET
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he stated a fact. about a third is for things that can legitimately called infrastructure and the rest are Dem programs and big pains have been made by Democrats to let everyone know that this is a 100% Democratic bill. Blame Republicans when they spend money recklessly. I do. This one is all on Democrats, though, and there made it clear that this is just the beginning
WW Traveler
WW Traveler Apr 07, 2021 6:37PM ET
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At least Biden has a plan!
henry liam
henry liam Apr 07, 2021 6:36PM ET
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yes
 
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