S&P 500 ETF Futures Slip After 213K Jobless Claims and 2.8% Productivity Gain
Pre-market futures for the S&P 500 ETF retreated after US weekly jobless claims dropped to 213,000 (2,000 below estimates) and continuing claims rose to 1.87 million. Q4 productivity jumped 2.8%, unit labor costs climbed 2.8%, import prices rose 0.2%, exports gained 0.6% and oil topped $78/bbl on Iran tensions.
1. Market Reaction
S&P 500 ETF futures fell after major economic releases pressured markets; the Dow futures dropped 0.6%, S&P futures were down 0.3% and Nasdaq futures lost 0.35% as investors weighed data ahead of regular trading.
2. Labor Market Data
Initial jobless claims for the prior week came in at 213,000, 2,000 below consensus and matching the revised prior week, while continuing claims climbed to 1.87 million, the highest since early January but still below concern thresholds.
3. Productivity and Costs
Q4 productivity rose an unexpectedly strong 2.8% following a 5.2% jump in Q3, while unit labor costs also accelerated 2.8%, the highest since mid-2025, signaling potential wage-driven inflation pressure despite efficiency gains.
4. Trade and Oil Prices
Import prices in January increased 0.2%, under expectations, and export prices rose 0.6%, marking the strongest export gain since January 2025; WTI crude climbed to $78 per barrel and Brent to $83 as Iran tensions escalated.