Stock Market Update

The S&P 500 futures are down two points and are trading fractionally below fair value, the Nasdaq 100 futures are down six points and are trading fractionally below fair value, and the Dow Jones Industrial Average futures are down 23 points and are trading 0.1% below fair value.

Weekly initial jobless claims totaled 224,000 (Briefing.com consensus 213,000) and last week's total was 215,000 (revised from 213,000). Continuing claims came in at 1.871 million and last week's total was revised to 1.896 million (from 1.907 million).

The October Trade Balance Report showed a narrowing in the trade deficit to $73.8 billion (Briefing.com consensus -$75.1 billion) from a revised $83.8 billion (from -$84.4 billion) in September.