Russell 2000 set to rise
The Russell 2000 futures are pointing up and the small-cap index is poised for a bullish opening following news of upbeat employment data.
Initial jobless claims for the week ended July 14 decreased 8,000 to 301,000, the U.S. Labor Department reported this morning. That’s the second consecutive week of declines, causing the four-week average to fall 6,250 to 312,000, from the previous week’s average of 318,250.
The numbers surprised economists, who were calling for a small rise of 3,000 claims.
Elsewhere, Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) is basking in the sun after it reported that its second-quarter net income increased 5.2%, while German business software solutions provider SAP AG (NYSE: SAP) beat forecasts when it announced that its quarterly profit rose 10%.
The U.S. Federal Reserve will surely be the talk of the street today, with Chairman Ben Bernanke continuing his semiannual report on monetary policy with an appearance in front of the Senate Committee on Banking, Housing and Urban Affairs.
The Philadelphia Fed Index - a regional business outlook survey - will be released at noon. Also, the minutes from the Federal Open Market Committee’s policy meeting on June 28 will be released at 2 p.m. ET.
