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Top Stories May 3, 2012

For the second straight day, futures dropped following jobs numbers, this time in the form of continuing claims coming in lower-than-expected but the prior number revised upward. This comes in ahead of tomorrow's big jobs report that currently has expectations around a gain of 160,000 jobs in April. While any beat of this number is a good sign, the drop in the unemployment rate and and the job gains have not been as robust as a strong recovery would suggest and the average duration of employment remains stubbornly high.

Heading into the open, the 10:00 am ISM non-manufacturing index will be released, expected at 56 and retails sales have been coming in throughout the morning.