Why it matters
- Seasonally adjusted initial jobless claims fell 2,000 to 197,000 in the week ended Oct. 3, the Labor Department said, and the four-week average dropped to 198,000.
- S&P 500 futures fell about 0.4% and Nasdaq 100 futures 0.7% before the open as Brent crude jumped about 4.7% and the 10-year Treasury yield rose to about 5.32%.
- Fed Governor Christopher Waller said he expects more rate hikes, and the Treasury sells $22 billion of 30-year bonds at 1 p.m. ET.
The day ahead: scheduled events and what forecasters expect.
Fewer Americans filed new claims for unemployment benefits last week, but U.S. stock futures fell before Thursday's open as oil prices jumped. Initial claims fell by 2,000 to a seasonally adjusted 197,000 in the week ended Oct. 3, the Labor Department said at 8:30 a.m. ET on Oct. 8. S&P 500 futures traded at 7,818.50 around 8:47 a.m. ET, down 0.44%, according to Yahoo Finance data.
How many people filed for unemployment benefits?
Claims stayed low. The previous week's level was revised up by 2,000 to 199,000, the Labor Department said. The four-week moving average fell 2,500 to 198,000.
| Labor Department measure | Latest | Change |
|---|---|---|
| Initial claims, week ended Oct. 3 | 197,000 | −2,000 |
| Four-week average of initial claims | 198,000 | −2,500 |
| Continuing claims, week ended Sept. 26 | 1,716,000 | +17,000 |
| Insured unemployment rate | 1.1% | Unchanged |
Source: U.S. Labor Department, seasonally adjusted data.
Where are futures before the open?
Lower, after Wednesday's small decline; see our Americas Wednesday recap.
| Market, about 8:45 a.m. ET | Level | Change |
|---|---|---|
| S&P 500 futures | 7,818.50 | −0.44% |
| Nasdaq 100 futures | 31,179 | −0.71% |
| Dow futures | 51,103 | −0.67% |
| 10-year Treasury yield | 5.32% | +0.05 point |
| 30-year Treasury yield | 5.69% | +0.03 point |
| Brent crude ($/barrel) | 104.87 | +4.66% |
| Gold futures ($/ounce) | 4,142.60 | +0.05% |
Source: Yahoo Finance chart data. Changes are from Wednesday's settlement or close.
Brent topped $105 a barrel after reports that the White House had asked the Pentagon to draw up strike options against Iran, Trading Economics said. Stocks fell in Asia and Europe; see our Asia Thursday recap and Europe Thursday recap.
What did Fed Governor Waller say?
He expects to keep raising rates. "I anticipate additional hikes to support a timelier return of inflation to our 2 percent goal," Waller said in a speech in Istanbul released by the Federal Reserve. He called inflation "higher than we want" and said the hikes need not come at back-to-back meetings. Minutes released Wednesday said most Fed officials saw another increase as likely appropriate by year end.
What's on the calendar today?
| Time (ET) | Event |
|---|---|
| 11:30 a.m. | $110 billion 4-week and $105 billion 8-week bill auctions |
| 12:00 p.m. | Freddie Mac weekly mortgage rates |
| 1:00 p.m. | $22 billion 30-year bond auction (reopening) |
| After close | Oil-Dri, Park Aerospace earnings |
Sources: TreasuryDirect, Freddie Mac, Nasdaq.
The 30-year sale reopens an existing bond, so the security has a remaining term of 29 years and 10 months, TreasuryDirect shows. Freddie Mac's survey last week put the average 30-year fixed mortgage rate at 7.28% and the 15-year at 6.60%.
PepsiCo trims its profit outlook
PepsiCo reported third-quarter net revenue of $25.27 billion, up 5.6%, with organic revenue up 3.1%, the company said. Core earnings were $2.34 a share, up 2%. PepsiCo now expects 2026 core earnings per share to grow 2.5% to 3.5%, down from the low end of its previous 5% to 7% range. Its shares were down 0.8% in premarket trading, Yahoo Finance data showed. Helen of Troy and Tilray were also scheduled to report before the open, Nasdaq's calendar shows. Upcoming events are on our market calendar.
Sources
- U.S. Labor Department, Unemployment Insurance Weekly Claims, Oct. 8, 2026
- Federal Reserve, Waller speech, "The Signaling Value of the Summary of Economic Projections," Oct. 8, 2026
- Federal Reserve, Calendar: October 2026
- Federal Reserve, FOMC minutes, Sept. 15–16, 2026
- TreasuryDirect, Upcoming auctions
- Freddie Mac, Primary Mortgage Market Survey and About PMMS
- PepsiCo, Third-quarter 2026 results (SEC filing)
- Nasdaq, Earnings calendar, Oct. 8, 2026
- Trading Economics, Brent crude oil
- Yahoo Finance, chart data for S&P 500 futures, Nasdaq 100 futures, Dow futures, 10-year yield, 30-year yield, Brent crude, gold futures and PepsiCo