Stock Market Update

The stock market is on track for a lower opening as recent ceasefire optimism fades while crude oil climbs past the $112 per barrel mark.

Though geopolitical developments are doing the driving this morning, there are still a few noteworthy economic data points.

Initial jobless claims for the week ending March 28 fell by 9,000 to 202,000 (Briefing.com consensus 215,000) from last week's revised reading of 211,000 (from 210,000). Continuing claims increased by 25,000 to 1.841 million from last week's revised reading of 1.816 million (from 1.819 million).

The key takeaway from the report is that initial claims remain near the 200,000 mark, reflecting a low-firing environment.

The trade deficit widened to $57.3 billion in February (Briefing.com consensus -$55.8 billion) from a revised $54.7 billion deficit (from -$54.5 billion) in January. The wider gap was the result of exports being $12.6 billion more than January exports and imports being $15.2 billion more than January imports.

The key takeaway from the report is that February imports grew more than exports even though February nonfuel import prices (+1.1%) increased at a slower pace than non-agricultural export prices (+1.7%).