This morning's economic data showed that first-time filings for state unemployment benefits fell 10,000 to 418,000 in the week ending April 26th, marking the lowest level of claims since mid- March. Economists were looking for the initial jobless claims number to be lower at 407,000.
For six weeks now, initial jobless claims have been hovering around the 400,000 mark as people who have exhausted their benefits allowance reapply under a new law extending their payments. Due to this change, the weekly data releases have brought swings in both directions to reflect increased filings and the a correction in the opposite direction has been experienced.
The four-week average, which helps remove some of the volatility fell to 435,750 from 454,250 in the prior week.
The number of workers continuing to collect unemployment benefits rose to 3.775 million during the week that ended April 20th, from 3.691 million.
Stock futures mixed to lower
Stocks look set to open mixed to lower as S&P futures (sp02m) trade up 0.3 points at 1,088.70, while NASDAQ futures (nd02m) trade down 3 points at 1,268.50 and Dow futures (dj02m) are down 10 points at 10,060.
Fair value for the S&P 500 today is $0.75. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.46 and set for program selling at $-0.82. Fair value for the NASDAQ-100 today is $3.87.
EchoStar misses estimates
Shared of satellite broadcaster EchoStar (NASDAQ:DISH) $27.61 are seeing some selling in pre-market action at $26.00 after the company reported an earnings loss of $0.08 per share, which was 13-cents below estimates looking for a gain of $0.05 a share. Revenues rose 15.1% to $1.01 billion, buy still shy of the $1.12 billion consensus. For the quarter, EBITDA totaled $178 million, which was below consensus of $208 million.