A better-than-expected jobless claims number gave futures a boost immediately following the report, but it did not last long. As of this writing, the markets indicate a lower open.
Initial claims for unemployment benefits fell by 24,000 last week to 601,000, which was better than the forecast of 615,000 claims. The four week moving average came down to 621,750. True to form, though, continuing claims continued to rise, jumping 59,000 to 6.816 million. Meanwhile, the May retail sales numbers came in about as expected, posting a moderate increase of 0.5% for both total sales and excluding autos.
Bond yields will likely be in focus today as results of the government’s 30-year Treasury auction are due out at 1:00 pm ET. Investors have become increasingly concerned about bond yields, as evidenced by yesterday’s 10-year note auction, which saw a higher than expected yield of 3.99%. The 10-year Treasury note influences rates on corporate and consumer debt, including mortgage rates which have climbed higher.
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