Stock Market Update

The S&P 500 futures are up ten points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 18 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are up 100 points and are trading 0.3% above fair value.

Initial jobless claims for the week ending April 13 were unchanged at 212,000 (Briefing.com consensus 215,000) while continuing jobless claims for the week ending April 6 increased by 2,000 to 1.812 million.

The key takeaway from the report remains the low initial claims number (a leading indicator), which continues to be indicative of a solid labor market that portends good growth dynamics for the economy.

The Philadelphia Fed Index for April checked in at 15.5 (Briefing.com consensus 0.0) versus 3.2 in March. A number above 0.0 reflects an expansion in activity, so not only did manufacturing activity in the Philadelphia Fed region expand in April, it also accelerated from March. There was a pickup in the Prices Paid Index, too, which climbed to 23.0 from 3.7.

Treasury yields are slightly higher. The 10-yr note yield is up two basis points to 4.61% and the 2-yr note yield is up three basis points to 4.96%.