Economic Breaker Panel
What’s in Today’s Report:
- December Economic Breaker Panel
Futures are slightly lower following a disappointing earnings report by Micron (MU).
Micron (MU down –3% after hours) reported underwhelming results and guidance and announced layoffs, and that’s reversing some of the earnings-driven gains we saw in stocks on Wednesday.
Economic data remained sparse but UK GDP slightly missed estimates, falling –0.3% vs. (E) -0.2%.
Today’s focus will be on Weekly Jobless Claims (E: 225k) and this number needs to move higher (towards 300k) to show the Fed that the labor market is returning to better balance (something the Fed said is needed before they can think about a pivot). We also get the Final Q3 GDP (E: 2.9%) but that data is very old now (July-September) and it shouldn’t move markets.