Morning Outlook

Futures are pointing to a higher open Thursday, or at least into the weekly jobless claims number before the bell. It is the only data on the caldendar today, however earnings continue to roll from big names including Kellogg Co (K), MetLife Inc (MET), Eastman Chemical Co (EMN) and oil’s biggest player, Exxon Mobile Corp (XOM). So far in premarket action, DJIA futures advanced 55 points to 10,503.00. The Standard & Poor’s 500 rose 6.60 to 1,108.70, while the Nasdaq climbed 8.75 to 1,878.50.

Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing. The Dow Jones industrial average fell 39.81, or 0.4 percent, to 10,497.88, after being down over 70 points before making a recovery before the bell. The Standard & Poor’s 500 index fell 7.71, or 0.7 percent, to 1,106.13, finishing 0.7% below the 200-day moving average. The Nasdaq composite index fell 23.69, or 1 percent, to 2,264.56.

Currencies and Commodities

The dollar fell 0.6637% at 86.8850 yen in the currency market. The euro appreciated 0.6295% at $1.3076 while the pound gained 0.1795% to $1.5626. As the greenback fell, gold rose $6.90 at $1169.30, while silver was shot up 0.83 percent $17.58. Light, sweet crude for September delivery rose 29 cents to $77.28 per barrel on the NYMEX; a 0.38% advance following a two day decline.

Economic Calendar

8:30 AM
Jobless Claims: New unemployment claims for the week of July 24th , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 460,000 for first time jobless claims after spiking 37,000 to 464,000. The July 4th holiday has thrown a lot of kinks into the readings this month, making it hard to get an accurate reading as we head into the July Employment Situation.