The unemployment rate continues to fall, hitting 6.2% this month. Jason Furman, Chairman of President Obama’s Council of Economic Advisors, takes this drop in unemployment as a good sign, but believes that wages still need to further increase. He states, “Over the last year or two, we have seen faster wage growth, but it’s still nowhere near the wage growth that we need.” According to the Financial Times, Fed Chair Janet Yellen agreed that the economy has registered “notable improvements” and argued that while the economy is not yet at full health, it is moving in the right direction.
“This is the busiest reporting week of the quarter for the NASDAQ Biotechnology Index. Ten companies, including Regeneron, the seventh largest stock in the Index, reported on August 5th; 15 companies report on August 6th; and 25 companies, including Mylan, the ninth largest stock in the Index, report on August 7th,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 1.3% since Friday’s close. Year-to-date performance for the index is up 12% after being up above 20% at the end of February. Amgen and Gilead are up 2.50% and 1.53%, respectively, this week.
- NASDAQ CLEAN EDGE GREEN ENERGY (CELS) was up 2.63% as of noon on Wednesday. Some of the index’s largest holdings include Tesla Motors, Linear Technology and First Solar.
- PHLX Gold/Silver Sector (XAU) was up 1.51% as of noon on Wednesday. The price of gold is currently $1,305 per ounce, up $11 this week.
INDEX TO WATCH
- NASDAQ Internet Index (QNET) consists of 98 securities engaged in internet-related services. Some of the largest holdings include Facebook, Google, Priceline and Amazon. The index is up 12% in the last three months and 22% in the last year.