Stock Market Update

The stock market remains poised for solid gains at the open as the market looks to spring back from yesterday's retreat, with chipmakers set to lead the advance.

On the data front, initial jobless claims for the week ending June 13 decreased by 4,000 to 226,000 (Briefing.com consensus: 226,000), while continuing jobless claims for the week ending June 6 increased by 24,000 to 1.810 million.

The key takeaway from the report is the steady level of initial jobless claims—a leading indicator—which suggests the continuation of low firing activity overall.

Separately, the Philadelphia Fed Index bounced back into expansion territory, printing a reading of 10.3 (Briefing.com consensus: 10.0) versus -0.4 in the prior month. The line between expansion and contraction for this report is 0.0.