Futures Modestly Higher After Initial Claims

Equity market futures are modestly higher Thursday morning after the markets were subject to a blood bath yesterday, stemming from a weak ADP jobs report, a downgrade of Greek debt, and weaker than expected economic data. This morning we saw initial claims data come in close to expectations, as 422,000 people filed for jobless claims during the week ending May 28. Economists were expecting 417,000 people to file. Continuing claims came in at 3.711 million, versus estimates of 3.675 million. First quarter Nonfarm Productivity was actually revised up, coming in at 1.8% versus the 1.7% estimate economists were looking for. At last check, Dow futures were up 11 points, NASDAQ futures were up 6.25 points, and S&P 500 futures were up 2.5 points.