Stock Market Update

The S&P 500 futures currently trade 38 points above fair value.

Preliminary Q2 productivity increased 2.4% (Briefing.com consensus 2.2%) versus the prior downwardly revised decrease of 1.8% (from -1.5%) in Q1.

Q2 Unit labor costs reached a preliminary reading of 1.6% (Briefing.com consensus 1.5%) from the upwardly revised final Q1 reading of 6.9% (from 6.6%). 

Initial jobless claims for the week ending August 2 increased by 7,000 to 226,000 (Briefing.com consensus: 220,000) from an upwardly revised 219,000 (from 218,000).

Continuing jobless claims for the week ending July 26 increased to 1.974 million, from a downwardly revised 1.936 million (from 1.946 million).