Stock Market Update

The S&P 500 futures trade 21 points, or 0.5%, below fair value.

Just in, the latest weekly initial jobless claims count totaled 200,000 (Briefing.com consensus 184,000), which was above the prior week's revised count of 181,000 (from 180,000). As for continuing claims, they decreased to 1.384 million from a revised count of 1.403 million (from 1.408 million).

Separately, preliminary unit labor costs rose 11.6% during the first quarter (Briefing.com consensus 7.3%), while the preliminary productivity reading fell 7.5% (Briefing.com consensus -2.8%).