Weekly jobless claims are lower than expected, indicating a moderately positive economic outlook

From Nasdaq: 2024-10-31 10:55:00

Economic & Earnings Commentary: Jobs Week continues, leading up to the 2024 General Election and a new Fed decision. Pre-market futures are down, with the Dow, S&P 500, and Nasdaq all showing declines. Bond yields are slightly up, indicating a mixed market sentiment.

PCE Near Optimum +2% for September: Personal Income and Spending for September are in line with expectations, with a slight increase in both metrics. The PCE Index month over month is also in line with estimates, with the year over year PCE Index at +2.1%, close to the ideal inflation rate of +2.0%.

Weekly Jobless Claims Moderate: Initial Jobless Claims are lower than expected, but hurricane impacts may be influencing the data. Continuing Jobless Claims are also down, indicating a slow progression. The data does not suggest a dire economy, leaving the possibility of interest rate cuts open.

Q3 Earnings Season Rolls Along: Bristol Myers-Squibb and International Paper report positive earnings surprises, while Sirius XM misses expectations. Earnings reports from Apple, Amazon, and Intel are eagerly awaited. The stock market continues to be a mix of positive and negative surprises during this earnings season.



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