Dow down 63 points

The better than expected Philadelphia Fed index and steady but strong initial jobless claims have not been able to help boost the stocks from premarket lows. Fed's Richard Clarida, the vice chairman of the Federal Reserve, said that the market may be overestimating a cut in rates by the Fed this year.

The futures for the major indices are implying:

  • Dow down -63 points
  • S&P index -6.8 points
  • NASDAQ index -22.73 points

Yesterday the NASDAQ and S&P index closed at record high levels. Needless to say any gains today would be a another record high.