Stock Market Update

The S&P 500 futures are down 33 points and are trading 0.6% below fair value, the Nasdaq 100 futures are down 127 points and are trading 0.6% below fair value, and the Dow Jones Industrial Average futures are down 178 points and are trading 0.4% below fair value.

Weekly initial jobless claims totaled 216,000 (Briefing.com consensus 229,000) and last week's total was 228,000 (revised from 227,000). Continuing claims came in at 1.862 million and last week's total was revised to 1.888 million (from 1.897 million).

Personal income increased 0.3% in September (Briefing.com consensus 0.4%) following a 0.2% increase in August. Personal spending increased 0.5% in September (Briefing.com consensus 0.4%) following a revised 0.3% increase in August (from 0.2%).

The PCE Price Index increased 0.2% in September (Briefing.com consensus 0.2%) following a 0.1% increase in August. The core-PCE Price Index, which excludes food and energy, was up 0.3% in September (Briefing.com consensus 0.2%) following a revised 0.2% increase in August (from 0.1%).

The Employment Cost Index rose 0.8% in Q3 (Briefing.com consensus 1.0%) following a 0.9% increase in Q2.