Stock Market Update

The S&P 500 futures are up 35 points and are trading 0.5% above fair value, the Nasdaq 100 futures are up 138 points and are trading 0.5% above fair value, and the Dow Jones Industrial Average futures are up 82 points and are trading 0.1% above fair value.

Weekly initial jobless claims totaled 249,000 (Briefing.com consensus 233,000) following a count of 235,000 last week. Continuing claims came in at 1.877 million following last week's revised count of 1.844 million (from 1.851 million).

Q2 productivity increased 2.3% in the preliminary reading (Briefing.com consensus 1.6%) following a 0.2% increase in Q1. Q2 unit labor costs increased 0.9% in the preliminary reading (Briefing.com consensus 1.7%) following a 4.0% increase in Q1.