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Market Brief: July 30, 2021

The Bulls won the day in the Fuel Markets on Thursday with two key economic stats easing fears of Federal Reserve intervention. First, the US GDP rose 6.5% in the second quarter versus expectations of 8.4%. In addition, initial jobless claims rose unexpectedly to 419K filings versus guesses of 350K. These statistics lessen worry by the Fed of the economy overheating. Core inflation numbers release at 8:30 EDT on Friday so we will see if this inflation sentiment holds. Beyond inflation, Thursday saw a release of strong earnings reports, the US’ daily Covid rate dipped below 100K, and the dollar weakened. All in all, Thursday was an excellent day for Bullish fundamentals.

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