U.S. markets are slated to give back yesterday's final-hour gains, with futures on the Dow Jones Inudstrial Average
World markets tumble
International markets are falling this morning, with Asian and European markets broadly lower after digesting poorly received Federal Reserve minutes from yesterday afternoon, along with other overnight data releases. One key overnight development was South Korea's decision to lower interest rates for the first time in more than three years. The cut from Asia's fourth-largest economy comes in conjunction with a lower economic growth forecast of 3.3%, versus prior estimates of 3.7%, as it deals with dampened domestic spending and exports. The move also follows rate cuts in China and Europe last week.
In the U.S., weekly jobless claims are released at 8:30 a.m. EDT this morning. Expectations are for 370,000 new claims, down 4,000 from last week's report. After rising throughout May, last week's report encouraged investors ahead of the June nonfarm payrolls report. While the June numbers ultimately disappointed, a continued downtrend in claims throughout the month should bode well for July labor data.
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In other earnings news, industrial-supplies company Fastenal
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