Stock Market Update

Weekly initial jobless claims totaled 221,000 (Briefing.com consensus 234,000) and continuing claims totaled 1.897 million. 

Q4 Productivity was revised up to 1.5% (Briefing.com consensus 1.2%) and unit labor costs were revised down to 2.2% (Briefing.com consensus 3.0%).

The trade deficit widened to $131.4 billion in January (Briefing.com consensus $93.5 billion).

The initial response in equities was muted. The S&P 500 futures are down 67 points and are trading 1.1% below fair value, the Nasdaq 100 futures are down 305 points and are trading 1.4% above fair value, and the Dow Jones Industrial Average futures are down 399 points and are trading 0.9% below fair value.