Jobless claims, earnings on calendar

By David Russell,

Shutterstock photo

Today's calendar of events focuses mostly on initial jobless claims, with some big earnings reports before and after the opening bell.

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 negatively.

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 release.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.

This article appears in: Investing Options
Referenced Stocks: UNG , XLI

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