Payrolls Come In Above Expectations
The market got a small bounce at the open, but has since slipped into negative territory. Nonfarm payrolls came in at +132,000 (vs. +105,000), providing more data for the soft landing thesis to hold.
Oil and gold are moving higher, while the dollar is falling again. Bond yields are also up a bit, with the 10-year at 4.50%.
There were a couple of earnings warnings from chip companies last night, and that is weighing on the tech sector. The brokers are up, and so is the energy complex.
In other news and notes:
- Asian stocks fall overnight
- DJ reports BofA "very interested" in BCS
- WSJ says OPEC likely to stand pat on oil production
- CIBC still bullish on ENER
- MCD reports strong Nov. sales
- XLNX lowers Q3 revenue guidance
- CSCO CEO says more acquisitions to come
- TW sees strong sales trends in LCD TVs
- CMOS raises JanQ revenue guidance
- CHK prices 30M share offering
- Heelys IPO prices at $21, above range
- Mich Sentiment 90.2 vs. 92.0 consensus