S&P futures vs fair value: -1.3. Nasdaq futures vs fair value: -2.5.

Initial claims unexpectedly rose 10K to 324K (consensus 310K), but still reflective of healthy labor conditions. Futures indications initially strengthened in sympathy with a turnaround in Treasuries, and were signaling a relatively flat start for the cash market, but they have since pulled back to again suggest a sluggish start for stocks. The 10-year note is now up 2 ticks to yield 5.12%.