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Stock futures point to a flat opening today as Weekly Jobless Claims data displayed an increase. Initial claims increased 6,000 to 260,000 for the week ended Jul 30. However, this compares to the consensus estimate of 258,000. The previous week's data was revised downward by 2,000 to 254,000.
The metric hit an eight-month high of 261,000 in mid-July. Last week’s data was very close to that mark. Some experts have said that this is a sign of a cooling labor market. Market participants are waiting for the big job data of July to be released tomorrow.
Continuing Claims — those who have collected benefits for two straight weeks — were reported at a one week lag. This metric increased 48,000 to 1.416 million for the week ended Jul 23. The previous week's datal was revised up 9,000 from 1.359 million to 1.368 million.
U.S. Trade Deficitin goods and services traded was $79.6 billion in June, declining $5.3 billion from a revised $84.8 billion in May. The consensus estimate was for a deficit of $80.7 billion. Total exports were valued at $340.4 billion in June, a decrease of $1 billion from the previous month.
The Bank of England (BOE)has hiked the benchmark interest rate by 50 basis points, marking its biggest single-shot increase since 1995. In a majority vote, the central bank has raised the lending rate to 1.75%. In fact, this was the first 50 basis-point hike by the BOE since it became independent from the British government in 1997.
BOE has projected the longest recession in U.K.’s economy since the global financial crisis of 2008 starting from the fourth quarter of 2022. The primary reason is mounting inflationary pressure in the U.K. and Eurozone.
Second-quarter earnings results remain strong. Insurance behemoth Cigna Corp. (CI - Free Report) came out with quarterly earnings of $6.22 per share, beating the Zacks Consensus Estimate of $5.44. The company posted revenues of $45.43 billion, outpacing the Zacks Consensus Estimate by 2.73%.
Electric Power utility giant Duke Energy Corp. (DUK - Free Report) reported quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.10. The top line came in at $6.69 billion, exceeding the Zacks Consensus Estimate by 11%..
Restaurant Brands International Inc. (QSR - Free Report) has reported quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.73 per share. The parent of global brands like Popeyes, Tim Hortons and Burger King posted revenues of $1.64 billion, outpacing the Zacks Consensus Estimate by 4.28%.
Industrial security and safety services provider Johnson Controls International plc (JCI - Free Report) has registered quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.84 per share. The company posted revenues of $6.61 billion, surpassing the Zacks Consensus Estimate by 1.69%.
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Initial Jobless Claims Come in Higher
Stock futures point to a flat opening today as Weekly Jobless Claims data displayed an increase. Initial claims increased 6,000 to 260,000 for the week ended Jul 30. However, this compares to the consensus estimate of 258,000. The previous week's data was revised downward by 2,000 to 254,000.
The metric hit an eight-month high of 261,000 in mid-July. Last week’s data was very close to that mark. Some experts have said that this is a sign of a cooling labor market. Market participants are waiting for the big job data of July to be released tomorrow.
Continuing Claims — those who have collected benefits for two straight weeks — were reported at a one week lag. This metric increased 48,000 to 1.416 million for the week ended Jul 23. The previous week's datal was revised up 9,000 from 1.359 million to 1.368 million.
U.S. Trade Deficitin goods and services traded was $79.6 billion in June, declining $5.3 billion from a revised $84.8 billion in May. The consensus estimate was for a deficit of $80.7 billion. Total exports were valued at $340.4 billion in June, a decrease of $1 billion from the previous month.
The Bank of England (BOE)has hiked the benchmark interest rate by 50 basis points, marking its biggest single-shot increase since 1995. In a majority vote, the central bank has raised the lending rate to 1.75%. In fact, this was the first 50 basis-point hike by the BOE since it became independent from the British government in 1997.
BOE has projected the longest recession in U.K.’s economy since the global financial crisis of 2008 starting from the fourth quarter of 2022. The primary reason is mounting inflationary pressure in the U.K. and Eurozone.
Second-quarter earnings results remain strong. Insurance behemoth Cigna Corp. (CI - Free Report) came out with quarterly earnings of $6.22 per share, beating the Zacks Consensus Estimate of $5.44. The company posted revenues of $45.43 billion, outpacing the Zacks Consensus Estimate by 2.73%.
Electric Power utility giant Duke Energy Corp. (DUK - Free Report) reported quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.10. The top line came in at $6.69 billion, exceeding the Zacks Consensus Estimate by 11%..
Restaurant Brands International Inc. (QSR - Free Report) has reported quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.73 per share. The parent of global brands like Popeyes, Tim Hortons and Burger King posted revenues of $1.64 billion, outpacing the Zacks Consensus Estimate by 4.28%.
Industrial security and safety services provider Johnson Controls International plc (JCI - Free Report) has registered quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.84 per share. The company posted revenues of $6.61 billion, surpassing the Zacks Consensus Estimate by 1.69%.