Initial jobless claims fell to 196,000 last week, matching the lowest level since 1969, while continuing claims dropped to 1.73 million, their lowest tally since May 2023. The reading came in below the 207,000 expected and 10,000 fewer than the prior week's unrevised 206,000. Stocks rebounded after yesterday's sell-off, with the Dow up 626 points, the Nasdaq up 468 and the S&P 500 up 95, gains of 1.2 to 1.6 percent, while the Russell 2000 rose 1.4 percent. The rally followed the first FOMC move of 2026, a 25 basis point increase to a range of 3.75 to 4.00 percent, after which Fed Chair Kevin Warsh declined to give guidance on the path of rates. Housing starts for August came in at 1.275 million seasonally adjusted annualized units, below the 1.3 million expected, as single-family starts rose 7.6 percent but multi-family fell 22 percent, and building permits slipped to 1.39 million from July's unrevised 1.43 million. The Philly Fed manufacturing survey registered 37.8 for September, its third straight month above 37.
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Uber Technologies IncFOMC raised the fed funds rate 25bp to 3.75-4.00%, lifting the policy rate itself
Fed's 25bp rate hike and strong jobless claims push the 10Y yield higher
