Dow Jones Shrugs Off Optimistic Jobless Claims Data

The Dow Jones (DJIA) is set to open lower on Thursday following the release of new jobs data from the Department of Labor.

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For the week ended March 14, initial jobless claims fell by 8,000 to 205,000, below the consensus estimate of 215,000. Continuing jobless claims, which trail initial claims by a week, rose by 10,000 to 1.857 million and were slightly above the expectation of 1.852 million. Initial jobless claims serve as a gauge of layoffs, while continuing jobless claims track the number of people receiving unemployment benefits and reflect ongoing unemployment.

U.S.-Iran War Overshadows Falling Jobless Claims

Both jobless claims and continuing jobless claims have remained steady since February, signaling a continuing trend of employers being hesitant to fire and hire employees.

The data points failed to ease the market as headlines about the U.S.-Iran war continue to dominate sentiment. Iran has escalated attacks on key oil infrastructure sites in the Middle East after Israel struck its South Pars gas field. Brent crude futures (BZ), the international benchmark for oil, are up by over 3% as supply chain risks intensify.