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Pre-market futures again are coming in slightly higher, working through a two-week period (so far) of generally higher market indices. Although the Dow broke an eight-day winning streak yesterday, it is up another 75 points at this hour, while the S&P 500 and Nasdaq — both with ongoing winning streaks — up 10 points each. Better-than-expected Q3 earnings and a Fed seemingly having come to the realization that interest rates are already high enough are the main impetuses (impeti?) for this near-term bullishness.
Initial Jobless Claims for last week are out this morning, hitting lower than expected to 217K, following an upwardly revised 220K the previous week. This hovers roughly halfway between where we’ve seen other prints over the past 12-week cycle: the 232K high of late August brackets the 200K of mid-October; we haven’t been sub-200K since the first few weeks of 2023.
Continuing Claims — reported, as always, a week in arrears from new claims — reached its highest level of the past 12 weeks: 1.834 million, up from the revised 1.812 million the previous week. This marks the seventh-straight week higher on longer-term jobless claims, in what is a pretty unmistakable cooling of the overall labor market. We’re still in good stead in terms of overall employment; we won’t start feeling differently, likely, until continuing claims take out the 2 million per week level.
London-based pharma major AstraZeneca ((AZN - Free Report) outperformed top-line expectations this morning to $11.49 billion (from $11.44 billion expected), with higher guidance for the forward-looking quarter. The company’s business in China is showing nice improvement; thus, while AstraZeneca helps give the overall profile of Big Pharma health, it also points to whatever resurgence there is in the Chinese economy, at least as of Q3.
Tapestry ((TPR - Free Report) , the corporation formerly know as Coach, is seeing its stock rise +2.7% on a bottom-line beat in its fiscal Q1 ahead of today’s opening bell: earnings of 93 cents per share came ahead of the 90 cents in the Zacks consensus. Revenues, however, were a tad light of expectations to $1.51 billion from $1.54 billion anticipated. Shares had initially dipped on the news, but have climbed back on stronger pre-market performance.
While this positive sentiment is welcome, we also note bond yield rates going higher this morning, with a yield-curve inversion between the 2-year and 10-year expanding more than 40 basis points (bps). We expect market participants may give a re-think to bullish sentiment through the end of the week, with gains across major indices having escalated notably off late-October lows.
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Jobless Claims Decreased More Than Expected
Pre-market futures again are coming in slightly higher, working through a two-week period (so far) of generally higher market indices. Although the Dow broke an eight-day winning streak yesterday, it is up another 75 points at this hour, while the S&P 500 and Nasdaq — both with ongoing winning streaks — up 10 points each. Better-than-expected Q3 earnings and a Fed seemingly having come to the realization that interest rates are already high enough are the main impetuses (impeti?) for this near-term bullishness.
Initial Jobless Claims for last week are out this morning, hitting lower than expected to 217K, following an upwardly revised 220K the previous week. This hovers roughly halfway between where we’ve seen other prints over the past 12-week cycle: the 232K high of late August brackets the 200K of mid-October; we haven’t been sub-200K since the first few weeks of 2023.
Continuing Claims — reported, as always, a week in arrears from new claims — reached its highest level of the past 12 weeks: 1.834 million, up from the revised 1.812 million the previous week. This marks the seventh-straight week higher on longer-term jobless claims, in what is a pretty unmistakable cooling of the overall labor market. We’re still in good stead in terms of overall employment; we won’t start feeling differently, likely, until continuing claims take out the 2 million per week level.
London-based pharma major AstraZeneca ((AZN - Free Report) outperformed top-line expectations this morning to $11.49 billion (from $11.44 billion expected), with higher guidance for the forward-looking quarter. The company’s business in China is showing nice improvement; thus, while AstraZeneca helps give the overall profile of Big Pharma health, it also points to whatever resurgence there is in the Chinese economy, at least as of Q3.
Tapestry ((TPR - Free Report) , the corporation formerly know as Coach, is seeing its stock rise +2.7% on a bottom-line beat in its fiscal Q1 ahead of today’s opening bell: earnings of 93 cents per share came ahead of the 90 cents in the Zacks consensus. Revenues, however, were a tad light of expectations to $1.51 billion from $1.54 billion anticipated. Shares had initially dipped on the news, but have climbed back on stronger pre-market performance.
While this positive sentiment is welcome, we also note bond yield rates going higher this morning, with a yield-curve inversion between the 2-year and 10-year expanding more than 40 basis points (bps). We expect market participants may give a re-think to bullish sentiment through the end of the week, with gains across major indices having escalated notably off late-October lows.