Here come initial jobless claims ...

The weekly report on initial jobless claims is set for release at the bottom of the hour.

Expectations are for claims to total 278,000 last week, up slightly from the 262,000 seen the week before, which was one of the lowest readings for the measure in the last 40 years.

This is the last piece of employment data we'll get before Friday's big jobs report, which is expected to show payroll growth bounced back in April after a disappointing March, with economists forecasting job gains of 230,000 in April.

We'll be back with the latest claims figures when they cross.

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