Futures point to a higher open this morning, but they did pull back a little after the jobless claims report. Initial claims increased to 640,000 as expected. Drawing more attention however, was the 1.4% increase in continuing claims. They jumped to another new record level of 6.137 million, underscoring the difficulty of finding a new job. The only other major economic data scheduled for today is the existing home sales report at 10:00 ET which is expected to see a decline.
Once again, there is an abundance of earnings news. Many of the companies reporting since yesterday’s close have met or exceeded analysts estimate. Some of the noteworthy ones include eBay, Apple, Marriott, PNC Financial, Fifth Third, and Hershey. There are many others, but some exceptions too, most notably UPS who narrowly missed and issued guidance below current estimates.
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