Strength from the prior session extended into today’s early morning activity, helped by another round of better-than-expected earnings. Caterpillar easily topped expectations and raised its full-year guidance. Eli Lilly, UPS, eBay, Travelers, and McDonalds all beat expectations. After the close, highlights include Amazon and American Express.
In economic news, weekly jobless claims fell more than expected. Initial claims totaled 452,000, which is down 23,000 week-over-week. However, the previous week was revised 13,000 higher. Continuing claims came in at 4.44 million, down about 9,000 from the prior week. The Conference Board’s Leading Economic Indicators Index, due at 10:00 am ET, is forecast to remain unchanged at 0.3% in September. At the same time, the Philadelphia Fed Survey is expected to show an increase in business activity from the previous reading.
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