Futures point to a higher start as investors wait for the official results of the government’s stress test. The announcement comes at 5:00 ET, but it may not be much of a surprise as more results continue to get leaked.
Today’s positive sentiment is in part due to the April same-store sales results. There have been a number of better-than-expected reports from the likes of Wal-Mart, Gap, Abercrombie & Fitch, Aeropostale, and others.
Additionally, the initial claims report was better than expected. Claims for the week ending May 2 declined 34,000 to 601,000 with the consensus being 635,000. This report supports the view that layoffs could be slowing, but unfortunately the hiring pace is not picking up yet. Initial claims rose to another record high of 6.351 million.
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