Bond Yields Moving Lower Despite ECI

The market is getting a little bounce at the open. Tech and biotech are both up nicely, while most other sectors are mixed.

The Employment Cost Index (ECI) came in at +1.0% (vs. +0.9% consensus). But while that might concern some of the inflation hawks, the bond market is signaling otherwise. The 10-year yield is moving lower again, falling 4 basis points today to 4.63%.

In other news and notes:

• CBG will acquire TCC for $49.51
• UARM beats estimates; stock up nicely
• BJS beats EPS by a penny; stock lower
• Goldman adds CSCO to Conviciton List
• STTX misses estimates; stock gaps down
• RACK reports solid qtr; stock higher
• SIRF upgraded to Buy at Longbow; tgt. $36
• Consumer Confidence 105.4 vs. 107.8 consensus
• Chicago PMI 53.5 vs. 58.0 consensus

long GS, SIRF