• Prior week 202K revised to 203K
  • Initial jobless claims 202K vs 210K estimate
  • 4-week moving average initial jobless claims 207.75K vs 208.0K last week
  • Continuing claims 1.834M vs 1.871M estimate
  • Prior week continuing claims 1.855M revised to 1.868M
  • 4-week MA continuing claims 1.863M vs 1.870M last week.

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Initial claim

The premarket stocks ahead of the release and the current shows a negative reaction due mainly to the stronger CPI data:

  • Dow, +38 The Dow is now down -55 points
  • S&P, 8. The S&P is now down -10.45 points
  • Nasdaq, +79. The Nasdaq is now down -9.8 points

The USD is higher but now falling back lower.

Yields have moved higher but remains in negative territory.

  • 2 year 4.347% -2.3 basis points
  • 5-year 3.956% -2.1 basis points
  • 10 year 4.015% -1.5 basis points
  • 30-year 4.200%, unchanged

The number of cuts in 2024 is now 137 bp vs about 143 bp before the data.

Update: US stocks are reversing declines 9 minutes after the release.

  • Dow Industrial Average -12 point
  • S&P index -3 point
  • Nasdaq index +8 points