Reply #40: pre-opening blather

[UpInArms]

09:15 am : S&P futures vs fair value: -2.9. Nasdaq futures vs fair value: -4.0.

09:00 am : S&P futures vs fair value: -3.0. Nasdaq futures vs fair value: -4.5. Stage remains set for the cash market to consolidate recent gains as the underlying tone remains cautious ahead of Friday's jobs data. Despite strong Jan. same store sales results, helped by holiday gift-card redemptions, mixed earnings reports have also acted as early constraints.

08:30 am : S&P futures vs fair value: -3.1. Nasdaq futures vs fair value: -4.0. Still shaping up to be a sluggish start for stocks. Aside from earnings and retail comps holding center stage, some economic data have also shared the spotlight. A preliminary read on Q4 productivity figure came in at -0.6%, well below the strong 4.1% in Q3, as unit labor costs rose 3.5%, perhaps raising some inflation concern. To wit, bonds, which were flat ahead of the report have inched lower, as the 10-yr note is down 4 ticks to yield 4.57%. Initial claims fell 11K to 273K, below forecasts of 295K; however, the jobless benefits data have had little impact on trading as investors remain more focused on tomorrow's influential employment report. The stock market has so far also shown little reaction to the productivity data.

08:00 am : S&P futures vs fair value: -3.3. Nasdaq futures vs fair value: -4.5. Futures market versus fair value suggests a lower open for the cash market as the indices look to give back a modest portion of yesterday's late-day rally. While nothing specific stands out as a catalyst behind early weakness, as investors continue to sift through a plethora of earnings reports and monthly same-store sales figures, it appears recent market strength has prompted some modest consolidation. At 8:30 ET, a preliminary read on Q4 productivity (consensus +1.0%) and the latest initial claims data (consensus 295K) will hit the wires.