Stocks Are Sliding


Photo: Google Finance

Stock market futures were flat before and after this morning’s disappointing jobless claims report. Weekly jobless claims jumped to 388k from 342k last week.  Economists were expecting 365k.

Stocks were flat during the first half hour of trading, but then fell after the Philly Fed report.  The headline number jumped to 5.7 in October, which was much better than the 1.0 expected by economists.

However, the details showed that the gain was almost entirely due to price.  The Philly Fed’s employment and orders indices were all negative.

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