Stock Market Update

The stock market is on track for a higher open this morning as mega-caps and chip makers look to lead a rebound from yesterday's slide. 

Initial jobless claims for the week ending January 10 decreased by 9,000 to 198,000 (Briefing.com consensus: 210,000). Continuing jobless claims for the week ending January 3 decreased by 19,000 to 1.884 million.

The key takeaway from the report is that it corroborates a low firing-low hiring environment that will keep the Fed on watch, but also on hold in terms of a rate cut this month and possibly until June, which is when the fed funds futures market is projecting the first cut in 2026.