Jobless Claims, Deficit Data, Auctions, FHA Audit Release

by devteam November 12th, 2009 | Share

In terms of data releases the week is only beginning now. Stocks have been rising this week led by the Dow hitting a 13-month high Tuesday and continuing to climb yesterday, but the drivers have been from outside the US economy. This morning the market is looking more cautious ahead of weekly jobless claims and the monthly deficit figures, as neither release is expected to be a harbinger of optimism.

Dow Futures have fallen 38 points to 10,221 in pre-session trading, while S&P 500 futures are 3.75 points lower at 1,092.50. In addition, WTI Crude oil remains below the $80 mark at $78.57 per barrel, and Spot Gold is down $2.14 to $1115.26 (about $9 below the record highs earlier in the week.) The dollar is weaker this morning as it continues the play the role of safe haven despite increased concerns about its long-term value.

Global news continue to make headlines this morning. Chinese Premier Wen Jiabao said China would continue cooperating in restoring global balance and growth, but he warned that recovery wouldn’t be as smooth as many expect. “The worst is over,” Wen said from a forum in Beijing, according to Bloomberg. “The global economy is starting to recover but a total recovery will be a slow and bumpy process.”

Meanwhile, Treasury Secretary Tim Geithner told CNBC the administration wants to reduce the budget deficit to 3% of GDP as the economy recovers. “We are likely to have to borrow substantially less than we initially anticipated to help repair the damage to our financial system,” he added.

In earnings, Wal-Mart beat expectations for the third quarter by posting $3.25 billion in profit, or 84 cents per share, a 3.2% gain from Q2. Later the day markets will hear from Walt Disney, which is expected to post earnings per share of 41 cents.

Key Events Today:

8:30 â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

See all blogs


Leave a Comment

Leave a Reply

Latest Articles

Real Estate Investors Skip Paying Loans While Raising Billions

By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

Late-Stage Delinquencies are Surging

Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

Published by the Federal Reserve Bank of San Francisco

It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...