Pre-Market | US Jobless Claims Drop Boosts Market Optimism Amid Mixed Corporate Earnings

11 Jul., Dow, Nasdaq, and S&P futures experienced pre-market declines of 0.57%, 0.45%, and 0.53% respectively, reflecting investor caution ahead of key economic data releases. The most relevant macro news involves U.S. labor market data, with initial jobless claims unexpectedly falling to 227,000, below expectations, while continuing claims also declined. This data reflects employment resilience and has boosted investor optimism, as Treasury yields steadied.

Medtronic shares rose 3.21% in pre-market trading, driven by CMS's proposed favorable coverage for renal denervation therapy. MicroStrategy saw a 3.01% increase in pre-market trading, following the launch of a $4.2 billion STRD offering to enhance Bitcoin gains. HSBC Holdings dropped 1.53% in pre-market trading due to investor concerns over US tariffs announcement. Eaton shares fell 1.38% in pre-market trading, as concerns over AI supply chain impact from slower data center expansion weighed on the stock.

In pre-market trading, Signing Day surged over 141%, driven by refreshed marketing strategies and an aggressive market push. Above Food also saw a significant rise, up nearly 112%. Meanwhile, Capricor experienced a sharp decline, dropping over 50% after the FDA rejected its Duchenne drug application. Milestone Pharmaceuticals also faced a substantial drop, down over 33%, following the launch of a public offering of common shares and warrants, which could lead to potential share dilution.

Initial U.S. jobless claims unexpectedly declined to 227,000 for the week ending July 5, below estimates, and continuing claims also fell slightly, indicating labor market resilience and leading to mostly flat Treasury yields. Tesla plans to officially enter the Indian market by opening an experience center on July 15. Separately, the U.S. Treasury Secretary mocked a proposal to form a new political party, suggesting it could win votes on Mars; the proposal's proponent responded by criticizing the Secretary's expertise.