Stock Market Update

The S&P 500 futures are down four points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 34 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 30 points and are trading 0.1% above fair value.

Weekly initial jobless claims totaled 235,000 (Briefing.com consensus 240,000) following a revised count of 245,000 last week (from 243,000). Continuing claims came in at 1.851 million following last week's revised count of 1.860 million (from 1.867 million).

Durable goods orders dropped 6.6% in June (Briefing.com consensus 0.4%) following a 0.1% increase in May. Excluding transportation, durable goods orders increased 0.5% in June (Briefing.com consensus 0.2%) following a 0.1% decrease in May.

Q2 GDP was up 2.8% in the advance estimate (Briefing.com consensus 1.9%) following 1.4% in Q1. The Q2 GDP Price Deflator was up 2.3% in the advance estimate (Briefing.com consensus 2.6%) following 3.1% in Q1.