Initial Claims Come In Worse Than Expected, Futures Lower

Initial claims were just released and they came in worse than expected, and futures are lower as a result of the initial claims miss. Initial claims for the week ending June 4 were projected to come in at 423,000, and they came in at 427,000. Last week's initial claims were revised to versus the initial reading of 422,000. Continuing claims came in at 3.676 million, versus expectations of 3.688 million. The April trade balance was also released, coming in at -$43.7 billion, versus expectations of -$48.7 billion. Futures are lower after the claims data. Dow futures are up 21 points, NASDAQ futures are up 5.25 points, and S&P 500 futures are up 4.6 points.