Wall Street Set For An Initial Drop

The weekly Jobless claim is the major highlight of the day. The market is also alert on Federal Reserve Chair Janet Yellen’s speech at the 32nd Annual G30 International Banking Seminar in Washington at 9.00 am on Saturday. People’s Bank of China’s Governor Zhou Xiaochuan, Bank of Japan Governor Haruhiko Kuroda, and European Central Bank Vice-President Vitor Constancio will also join her for the seminar. U.S future’s early trading points that Wall Street might open lower on Thursday. Asian shares closed mostly higher, while Europeans shares are trading down.

As of 7.15 am ET, the Dow futures were slipping 29 points, the S&P 500 futures were shedding 5.25 points and the Nasdaq 100 futures were slipping 5.75 points.

U.S. stocks closed modestly higher on Wednesday. The Dow edged up 42.21 points or 0.2 percent to 22,872.89, the Nasdaq rose 16.30 points or 0.3 percent to 6,603.55 and the S&P 500 crept up 4.60 points or 0.2 percent to 2,555.24.

On the economic front, the Labor Department’s new unemployment claims report for the week will be issued at 8.30 am ET. The economists are looking for consensus of 252K, compared to 260K last week.

The Labor Statistics’ Producer Price Index for September will be published at 8.30 am ET. The Final Demand-Intermediate Demand consensus is for growth of 0.4 percent, up from 0.2 percent in the previous month.

The Energy Information Administration or EIA’s Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the change was 42 bcf.

Federal Reserve Governor Lael Brainard will participate in Panel on Monetary Policy at the Conference on Rethinking Macroeconomic Policy in Washington, with audience Q&A at 10.30 am ET.

Federal Reserve Governor Jerome Powell will deliver Keynote address on Emerging Markets at 2017 IIF Annual Membership Meeting, in Washington at 10.30 am ET.

The auction of Treasury’s inflation-indexed securities or TIPS will be held at 11.00 am ET. The auction of 30- year bonds will be held at 1.00…

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