Indexes are bearish as traders digest today’s Jobless Claims (-3k, 258k), falling for the first time in three weeks while staying near a four-decade low. Continuing claims dropped to the lowest level since June 2000. Filings have been below 300,000 for 86 straight weeks, the longest streak since 1970 and a level typical for a healthy labor market. This will be a primary determinant towards a much anticipated interest rate hike in December. Third-quarter GDP is released tomorrow morning at 7:30 CST and analysts expect +2.5%.
December gold futures are higher, trading near $1,270 (+4), with silver up at $17.65 per ounce. Metals seem to be stabilizing ahead of the US Presidential election in eleven days and the looming GDP release. The December S&P contract is down near 2132 (-2.5 pts.), and the Dow is in the red by 13 points at 18,118. .
Crude oil is stronger at roughly $50.35, trading mid-range as the dollar advanced. Natural gas futures continue to trend higher, in the green at $3234.
Grains are stronger amid a short-covering rally with the US dollar up. Corn ($3.57), wheat ($4.14) and soybeans ($10.25) are up headed into Friday’s session.