Stock Market Update

The S&P 500 futures currently trade 27 points below fair value. 

The preliminary Q4 productivity report saw a growth rate reading of 2.8% (Briefing.com consensus 4.0%), down from the upwardly revised Q3 rate of 5.2% (from 4.9%).

Unit labor costs increased 2.8% (Briefing.com consensus 0.2%), up from the revised Q3 level of -1.8% (from -1.9%). 

Initial jobless claims for the week ending February 28 remained unchanged at 213,000 (Briefing.com consensus: 216,000) after the previous reading was upwardly revised to 213K from 212K. 

Continuing jobless claims for the week ending February 21 increased by 46,000 to 1.868 million, from a downwardly revised previous reading of 1.822 million (from 1.833 million). 

Import prices increased 0.2% in January, from a 0.2% increase in December. 

Import prices excluding oil increased 0.5%, from a downwardly revised 0.2% increase in December (from 0.4%).

Export prices increased 0.6% in January, from an upwardly revised 0.6% increase in December (from 0.3%).

Export prices excluding agriculture increased 0.7%, from an upwardly revised 0.7% increase in December (from 0.3%).