Stock Market Update

The S&P 500 futures currently trade 35 points above fair value. 

Initial jobless claims for the week ending January 10 decreased by 9,000 to 198,000 (Briefing.com consensus: 210,000), from a downwardly revised 207,000 (from 208,000). 

Continuing jobless claims for the week ending January 3 decreased by 19,000 to 1.884 million. The prior reading was revised to 1.903 million from 1.914 million. 

The Philadelphia Fed Index expanded to 12.6 in January (Briefing.com consensus (-5.0), from an upwardly revised prior reading of -8.8 (from-10.2). 

Import prices increased 0.4% month-over-month in November, while prices excluding oil increased 0.6%.

Export prices increased 0.5% over the same time period, while prices excluding agriculture increased 0.4%. 

The Empire State Manufacturing Index rose to 7.70 in January (Briefing.com consensus 1.0%) from an upwardly revised prior reading of -3.7 (from -3.9).