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Only the Nasdaq rises on Wall Street after a terrible ADP job data



Wall street has closed mixed (Dow Jones: -0.91%; S&P 500: -0.70%; Nasdaq: + 0.51%) after a terrible job data in April. According to the ADP consultancy, US destroyed 20.23 million private sector jobs last month, slightly above the 20 million anticipated by consensus. Only him Nasdaq, which groups the sector of technology, has remained positive, which continues to increase the correlation between this index and the market as a whole, due to the great weight of large stocks such as Microsoft, Apple, Facebook, Amazon, Netflix and Alphabet.

"The destruction of jobs on this scale is unprecedented," admit ADP experts. "The total number of jobs lost in April is more than double of all destroyed during the Great Recession"they add.

Job losses have been higher in the service sector, with bars and restaurants closed to lime and song by the confinement of the country. The consensus expects another 3 million jobs to be destroyed this week (weekly data released Thursday).

For the official monthly data published this Friday, a destruction of 21.8 million jobs and a rise in the unemployment rate to 16% from 4.4%.

In any case, despite the negative economic data that is still known, the market continues to rely on the fiscal and monetary stimuli applied to the US economy, which have been the largest in history. In addition, investors anticipate that the worst for the economy has already occurred and that, from here, things can only improve.

In this sense, Donald Trump has recognized that "there may be some" deaths because of the coronavirus as states reverse restrictions imposed to contain its spread and begin to revive the economy.

Trump has rejected analyzes that have offered data against a premature reopening of the United States. One of them, from the Johns Hopkins University, estimates that the daily mortality rate could almost double in June. Another model, from the University of Washington, warns that the death toll could be 135,000 by August 4.

The United States is the country most affected by the coronavirus pandemic. Confirmed cases already exceed 1.2 million, while deaths have overcome the barrier of 70,000. But Trump remains focused on reviving the economy as soon as possible.

In the commodities market, oil has cut its bullish streak and has fallen 2% to $ 24.10. Besides, the ounce of gold It has dropped 1.1%, to $ 1,692, while the euro it depreciates 0.42% and changes to $ 1.0792. Finally, the profitability of 10-year American bond has risen to 0.70% and the VIX volatility index It is up 1%, up from 34 points.

By technical analysis, the Nasdaq "continues to offer a flawless appearance" as it has managed to rise above the 200-session average. "The technological selective has bounced 34% since the annual lows in March, which has allowed overcome the 61.8% Fibonacci retracement of the bearish momentum that started at the end of February, "explains César Nuez, an analyst at Bolsamanía.

"This is a sign of strength that makes us think of a vReturn to the historical highs drawn at the beginning of the year at 9,736 points. To do this, however, you should confirm overcoming the key resistance of 9,000 points, prices that could calmly attack in the coming days, "concludes Nuez.

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