U.S. Stock Futures Rise as Jobless Claims Stay Historically Low

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Summary · why it matters

U.S. stock futures opened October in the green, with the Dow up 179 points, the Nasdaq up 169 and the S&P 500 up 32 points, helped by Brent crude holding at $100 per barrel and WTI near $90 per barrel. Bond yields continued to climb, with the 10-year at 5.285%, the 2-year at 4.858% and the 30-year at 5.637%, keeping mortgage rates elevated. Initial jobless claims came in at 197K last week, down 3K from expectations and 1K from the upwardly revised prior week, marking the third-straight sub-100K jobless claims report. Continuing claims reached a new near-term low of 1.701 million, down 11K month over month and below the downwardly revised 1.712 million from the previous week, remaining near 60-year lows for a third straight week. Later this morning, September Manufacturing PMI is expected to rise 3.1% on the S&P print and 0.3 points for ISM, while August Construction Spending is expected to rebound 0.1% after a 0.5% decline a month ago.

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