Option Investor
Market Updates

Weekly jobless claims fall by 13,000

HAVING TROUBLE PRINTING?
Printer friendly version

Stocks futures are off their best levels of the session, but still hint of a higher open after the Labor Department said new claims for unemployment insurance fell by 13,000 to 421,000 in the latest week, which was slightly better than the 425,000 forecasted by economists. The prior week's data was revised higher to 434,000 from 430,000.

Later today at 10:00 AM EST, May leading indicators will be released. Then at 12:00 PM EST, the closely watched June Philadelphia Fed survey will be released, with economists forecasting a reading of 4.1, which would be an improvement from May's -4.8.

S&P futures (sp03u) are higher by 1.9 points at 1,010.10, NASDAQ futures (nd03u) are rising 3.5 points to 1,250.00, while Dow futures (dj03u) are up 20 points at 9,290.

Fair value for the S&P 500 today is $-1.17. That price will not change during the session. HL Camp & Company has their computers set for program buying at $0.11 and set for program selling at $-2.16.

Shares of Forest Labs (NYSE:FRX) $60.61 are being hit lower at $56.00 after the company said its Alzheimer's study failed to demonstrate statistical significance.

Micron Technology (NYSE:MU) $13.08 is called higher at $13.59 after posting a third-quarter net loss that widened to $214.9 million and sales that declined 5% to $733 million from the same quarter last year, but both exceeded Wall Street expectations. Volume for its memory chips increased sequentially but average selling prices fell.

Foreign Markets

Asian markets were boosted by gains in technology, which mirrored yesterday's technology gains in the U.S. The Nikkei-225 erased an early session loss to close positive for a third straight session and close above the 9,100 level for the first time since December 4. Financials were weak with Mizuho Financial, the worlds biggest banking group by assets, falling 2.6% to 90,400 yen, and UFJ Holdings fell 2.5% to 155,000 yen.

European bourses were broadly lower as financials offset strength in drugs. Financial took their lead from yesterday's sector weakness in the United States with Dutch bank ABN Amro (NYSE:ABN) falling 3.5% and Deutsche Bank (NYSE:DB) $67.70 down 2.7% after a weak session from Morgan Stanley (NYSE:MWD) $46.89.

Asia/Pacific

Hong Kong.......Hang Seng.........9,980....+10.....+0.10%

Japan...........Nikkei 225........9,110....+17.....+0.19%

Taiwan..........Taiwan Weighted...5,048....+49.....+1.00%

Europe

France..........CAC 40............3,203....-10.....-0.32%

Germany.........DAX...............3,285....-18.....-0.55%

Switzerland.....Swiss Market......4,971....-21.....-0.42%

United Kingdom..FTSE 100..........4,181....-25.....-0.61%

Jeff Bailey

Intraday Update Archives