Following a string of four straight positive trading days, stocks opened lower this morning. Disappointing earnings reports and additional warnings are weighing in on sentiment.
The economic data is also a factor in today’s tone. Initial jobless claims for the week ending January 24 increased to 588,000, slightly above the 575,000 estimate. The four week moving average is up to 542,000 from 518,250. More troubling though, are continuing claims which jumped to 4.776 million reflecting the increasing difficulty of finding a new job. Durable goods orders also reflect the pullback in business investment, declining 2.6% in December. The drop was slightly more than the expected 2.0% decline. Separately, the House passed its $819 billion version of the stimulus bill last night. Reports indicate the Senate is expected to vote next week on its version of the plan.
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