Today's calendar of events focuses mostly on initial jobless
claims, with some big earnings reports before and after the opening
New unemployment filings will be released at 8:30 a.m. ET.
Economists anticipate a reading of 370,000, but last week it was
much less than expected at 339,000. Another low number would be
positive for sentiment because it would mean that fewer people are
claiming jobless benefits. A high reading could be viewed
Also in the pre-market, brokerage Morgan Stanley will report
third-quarter results. Most financials have reported strong results
so far, and MS rallied more than 3 percent yesterday ahead of its
The Philadelphia Federal Reserve follows with its monthly gauge of
activity at 10 a.m. ET. Although this release will provide some
color on the broader economy, it has limited importance because it
only covers only the regional bank's district.
The Conference Board will release leading economic indicators also
at 10 a.m. ET, but this index carries little potential impact
because it mostly includes data that's already public.
The Energy Department will publish natural-gas inventories at 10:30
a.m. ET. Last week supplies rose by 72 billion cubic square feet.
The other big announcement comes after the close when technology
giants Google and Microsoft report earnings.
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