Paint the Table

[Foxlette]

8:40AM: The futures are indicating the cash market will be giving back some of the large gains made yesterday...Many retailers will be reporting April same store sales today. So far, the results are pretty disappointing. Gap Inc (GPS 14.71) just reported terrible results, but are raising guidance....The 11K decline in the just announced Jobless Claims to 411K in the May 4 week was close to the 407K consensus and should have little market impact; this decline is consistent with the continued unwinding of the spike in claims caused by the introduction of extended benefits....
It's a quiet day on the earnings front...Current indications: S&P 500 futures are -3.50, or 7.5 pts below fair value. Nasdaq 100 is -6.0, or 10 pts below fair value.