Everyone is focusing on the subpar GDP report today, but the real worrisome trend is in initial jobless claims, which are suddenly trending higher.
The reason this should be worrying is that initial claims have been a great market indicator for a while now, as they move together.
Here’s a look at the S&P vs. the inverse of initial claims. A gap is emerging. Unless the claims data improves again, stocks are going to have trouble.
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