Jobless Claims, Productivity Higher; TM, WEN, CROX Report

Economic Data Summary - Initial Jobless Claims reached 249K, the highest in almost a year, exceeding the anticipated 235K, indicating a weakening labor market [1] - Continuing Claims hit 1.877 million, the highest since November 2021, surpassing the previous week's revised total of 1.844 million [1] - Q2 Productivity increased by 2.3%, exceeding the expected 1.8%, following a revision of the previous quarter from 0.2% to 0.4% [1] Company Earnings Reports - Toyota (TM): Fiscal Q1 earnings were $6.35 per share, beating expectations of $4.01, with revenues of $79 billion surpassing the $72.5 billion forecast. However, full-year EPS guidance remained unchanged, leading to a 6.4% drop in shares [2] - ConocoPhillips (COP): Reported earnings of $1.98 per share, missing the $2.06 estimate, while revenues fell 6.2% to $14.14 billion. Despite this, shares rose slightly, recovering some of the year-to-date losses [2] - Wendy's (WEN): Missed Q2 estimates with earnings of 27 cents per share and revenues of $570.72 million, which was 1.14% below expectations. Shares increased by 1.3% in pre-market trading [3] - Biogen (BIIB): Achieved earnings of $5.28 per share, exceeding the $4.00 expectation by 32%, with revenues of $2.46 billion surpassing consensus by 3.54%. Full-year earnings guidance was raised [4] - Crocs (CROX): Beat earnings estimates by 11.7% with $4.01 per share and revenues of $1.11 billion, yet shares fell by 4% despite a 43% year-to-date increase [5] Upcoming Earnings - Major companies including Apple (AAPL), Amazon (AMZN), Intel (INTC), and Snap (SNAP) are set to release quarterly results after today's closing bell, indicating a busy earnings season ahead [5]