U.S. stocks are trading lower on Thursday after the release of a report from the Department of Labor that shows weekly unemployment jobless claims rose slightly but are still at historic lows ahead of tomorrow’s monthly employment report for July.
Applications for jobless claims this week rose by 3,000 to 270,000. Economists from briefing.com were forecasting 275,000.
Oil prices continue to weaken and are near monthly lows due to oversupply concerns, slowing growth in China, and expectations that Iran will flood the market with more oil once sanctions are lifted.
Brent Crude futures for September are trading near a 5 month low under $50 a barrel at $49.40 (-.44 %).
Later this evening the first major Republican debate will occur hosted by Fox News.