Payrolls Much Weaker Than Expected
The market has opened under stiff selling pressure this morning, as the September payrolls report was much weaker than expected.
Payrolls grew only 51,000 vs. expectations of 120,000. But there were sharp upward revisions to previous payroll estimates. This is causing bond investors to take profits and sell bonds. The effect on yields pushes them higher, with the 10-year yield rising 6 basis points to 4.67%.
Financials are lower across the board, while most other sectors are mixed.
In other news and notes:
- MU reports earnings, revs light; stock down -10%
- CCI acquires GSL for $5.8 billion
- BHI September rig count down 5
- CHTT up +20% on brand acquisitions
- Rumor of GOOG buying YouTube
- SBUX ups long-term store count to 40,000
- Bloomberg reports N. Korea could test nuclear bomb this weekend
- AG lowers Fy06 guidance; stock down -15%