Initial Jobless Claims Miss Estimate

The Bureau of Labor Statistics announced this morning that, for the week ending October 3rd, Initial Jobless Claims rose by 840k against an estimate of 820k. The prior week’s tally of 837k was revised to 849k. Continuing Claims for the week ending September 26th did manage a drop to 10.98M, lower than the expected 11.4M. For the week before, the already reported 11.77M was revised to 11.98M. Treasury prices, already moving a bit higher in early trading, seem little affected with the Ten-Year yielding 77 basis points while the Long Bond rests at 1.57%. The Two-Year is unchanged at 15 basis points. Crude oil is up less than a dollar to $40.70 as gold’s $11 dollar rally takes that price to $1,898. Hopes by investors for some kind of fiscal stimulus agreement has equity markets poised to open substantially in the green.

Also in the news, the announcement that the next Presidential Debate would be held virtually has prompted President Trump to declare his intention to not participate.