Stock Market Update

The S&P 500 futures are down 20 points and are trading 0.3% below fair value, the Nasdaq 100 futures are down 70 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are down 145 points and are trading 0.3% below fair value.

Initial jobless claims for the week ending December 21 decreased by 1,000 to 219,000 (Briefing.com consensus 232,000) and continuing jobless claims for the week ending December 14 increased by 46,000 to 1.910 million -- the highest level since November 13, 2021.

The key takeaway from the report is that layoff activity is low; however, if one loses their job, it is becoming more challenging to find a new position.

Treasury yields are little changed from before the data. The 10-yr yield is four basis points higher at 4.63% and the 2-yr yield is two basis points higher at 4.36%.