US stocks are relatively flat this morning as bad data came out
of Europe and jobless claims plummeted.
Initial jobless claims fell to the lowest level since 2006. The
Department of Labor counts 292,000 claims last week, down from
323,000 in the previous week. Economists expected claims to rise to
Asian and European indices were mostly higher today despite some
ugly industrial data that throws the European recovery narrative
into question. Eurozone industrial production unexpectedly
contracted in July, falling 1.5% monthly. Economists expected
production to rise 0.3%. Output fell 2.1% from the year earlier.
Greek unemployment also rose to an all-time high of 27.9% in June;
58.8% of Greeks under 25 are unemployed. Oxfam International, the
global charity best known for delivering aid to less developed
countries, issued a statement today warning that austerity policies
in Europe are exacerbating the cycle of poverty that puts countries
like Greece in a "terrible state."
"These policies were a failure: a medicine that sought to cure the
disease by killing the patient," the organization said, referring
to similar austerity policies imposed on other countries in the
'80s and '90s. "They cannot be allowed to happen again."
US stock index futures were mostly just slightly higher before the
(INDEXDJX:.DJI) futures were up 0.01% at 15,331 while futures
contracts on the
(INDEXSP:.INX) fell 0.02% to 1,688.40.
(INDEXNASDAQ:.IXIC) futures gained 0.09% to 3,181.50.
The likelihood of a strike on Syria is still uncertain. Today,
Secretary of State John Kerry met his Russian counterpart in Geneva
to discuss a solution to the problem. Gold prices fell sharply
) share price fell 5.44% yesterday, it is rebounding now that Carl
Icahn made bullish statements on the company. The famous investor
said on CNBC that he purchased shares on the dip, calling the move
a "no-brainer." Apple shares were up 1% in pre-market trading.
Apple Is the Least Worst, and That's Why It's the
Though Apple is about to release a competing product very soon,
) shares surged 6.45% in the pre-market after naming Brian
McAndrews, a veteran of online ad platform aQuantive, as CEO. His
former company was acquired by
) shares rallied to an all-time high yesterday and extended gains
this morning. Yesterday, CEO Mark Zuckerberg said that engagement
on Facebook is stronger on mobile than on PCs. The social network
accounts for one-fifth of time spent on mobile devices.
Due to conservative opposition to Obamacare, Republicans in the
House of Representatives postponed a vote yesterday that would
allow the government to function through December. The government
has until mid-October to raise the debt ceiling and prevent another
crisis of confidence.
Will Your Premiums Rise Under Obamacare? It
Depends on Where You Live