Stock Market Update

The S&P 500 futures currently trade 11 points above fair value.

Just released, the preliminary Q1 productivity reading checked in at 0.8% (Briefing.com consensus 1.8%), from the revised final Q4 reading of 1.6% (from 1.8%).

The preliminary Q1 unit labor costs reading registered at 2.3% (Brefing.com consensus 2.7%) from the revised final Q4 level of 4.6% (from 4.4%).

Initial jobless claims for the week ending May 2 increased by 10,000 to 200,000 (Briefing.com consensus: 205,000), from the revised prior level of 190,000 (from 189,000).

Continuing jobless claims for the week ending April 25 decreased by 10,000 to 1.766 million from the downwardly revised prior level of 1.776 million (from 1.785 million).