Stock Market Update

The S&P 500 futures are down one points and are trading fractionally below fair value, the Nasdaq 100 futures are down 32 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 68 points and are trading fractionally above fair value.

Weekly initial jobless claims totaled 213,000 (Briefing.com consensus 217,000) and last week's total was 215,000 (revised from 213,000). Continuing claims came in at 1.907 million and last week's total was revised to 1.898 million (from 1.908 million).

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

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

Orders for durable goods decreased 0.2% in October (Briefing.com consensus 0.4%) following a revised 0.4% decline in September (from -0.8%). Orders for durable goods, excluding transportation, rose 0.1% in October (Briefing.com consensus 0.3%) following a 0.4% increase in September.

Q3 GDP was unchanged at 2.8% in the second reading (Briefing.com consensus 2.8%). The GDP Chain Deflator was up 1.9% in the second Q3 reading (Briefing.com consensus 1.8%) from 1.8% in the prior reading.

Retail inventories rose 0.1% in the advance report for October following a 0.6% increase in September (revised from 0.8%). Wholesale inventories increased 0.2% in the advance report for October following a 0.2% decrease in September (revised from -0.1%).

International Trade in Goods increased to -$99.0 billion in the advance report for October from -$108.2 billion in September.