Stock Market Update

The S&P 500 futures currently trade 19 points above fair value. 

Just released, Initial jobless claims for the week ending January 24 were 209,000 (Briefing.com consensus: 205,000), down 1,000 from the prior week's revised level of 210,000 (from 200,000)

Continuing jobless claims for the week ending January 17 were 1.827 million, down 38,000 from the prior week's revised level of 1.865 million (from 1.849 million).

The U.S. trade deficit in November widened to $56.8 billion (Briefing.com consensus: -$43.5 billion) from an upwardly revised deficit of $29.2 billion (from -$29.4 billion) in October.

The revised Q3 Unit Labor Cost reading was unchanged from the preliminary reading of -1.9% (Briefing.com consensus -1.9%).

The revised Q3 Productivity reading was unchanged from the preliminary reading of 4.9% (Briefing.com consensus 4.9%).