After a sharp decrease the day before, on Thursday, November 2, American fund market, in spite of another portion of weak economic data, remained at the levels, close to the minimums of Wednesday.

Let us recall that entire series of yesterday's data appeared to be weaker than the expectations of economists. Thus, the information about jobless claims in the past week showed that the number of the new unemployed it increased of 18 thousands in comparison with the reviewed data of before last week and constituted 327 thousand.

Let us note that the experts assumed the number jobless claims at the level of 310 thousand. The number of claims in the before last week was reviewed to the increase of 1 thousand.

As a result, these data testifies the new wave of releases on enterprises, which does not inspire investors to the new purchases.

The preliminary information about the dynamics of productivity of labor in the third calendar quarter also appeared to be below forecasts. Let us recall that productivity of labor had no change in comparison with the previous quarter, while data of the second quarter were refined to the decreases from 1,6% of increase to 1,2%.

Let us note that the growth of the average wage in the third quarter constituted 1%, the absence of an adequate increase of the productivity speaks about the growth of inflationary component in the process of production, which is entirely discouraging against the background of the expectations of the growth of productivity in the range 1,1%-1,9%.

Also it should be noted that yesterday the forecasts of  Wal-Mart sales which disappointed investors continued to render the noticeable pressure on the USA fund market.

The largest retail network Wal-Mart reported that it does not expect the sales growth in November. In response to this the company’s securities dropped of 1,2%.

The experts of fund market note that after the market drop on the average of half a percent on the stock exchange indices, then, to the investors’s surprise, in the second-half of the day it managed to recover and to complete commercial session at the levels close to the levels of the previous session.

The experts explain this volatility of the key indices quotations by the fact that a whole series of investors, who passed September and October rally in view of it non-traditionalism, try to make up leeway, and with the sagging of quotations they begin to purchase intensively the sagged actions.

However, the descending trend is most likely to be continued until the key macroeconomic publication of the week about the state of the employment market in October. In the opinion the experts, these are the data which will form further vector of movement.

As a result Dow-Jones index of New York stock exchange dropped of 12.48 points and closed at the level of 12018.54. NASDAQ index dropped of 0.33 points and is at the level of 2334.02. S&P 500 index descended of 0.49 points and is at the level of 1367.32.

30-year U.S. Treasury notes’ yield grew in comparison with the previous closing of 0.037 and constitutes 4.714.

We recommend, keeping out of the market, to wait for more significant correction of indices. Only after completion of this correction the possibility to open the purchases of futures to Dow-Jones index and S&P 500 index will appear.