This morning's weekly employment numbers showed initial jobless claims hitting 667 thousand new claims. This is the highest number since October 2, 1982 when there were 695,000 new claims. Continuing claims crossed above 5 million for the first time ever, reaching 5.11 million people.
At the same time, durable goods data showed its sixth straight month of declines. Shipments fell by 3.66% while new orders fell by 5.19%. New orders were down across all categories with transportation equipment hit hardest, down nearly 13.5%.
On the news, the futures remain positive but fell from earlier highs. Leading the Dow in the premarkets are the financials, including Bank of America , American Express , Citigroup , and JP Morgan Chase .
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