Good Start and Slightly Better Credit. Credit market yields first dropped after Jobless Claims reported at 407k, much worse than expectations of 365k. Stocks opened weaker but recovered after the ISM Services reported at 49.6, which was better than expectations of 48.5. This prompted the Stock market to recapture much of the earlier losses and Credit markets gave back earlier gains to neutralize. With Jobless Claims being up sharply, offers hint that the Friday Employment Report may come in weaker than expected, which could dominate investor's thoughts by the end of the day. As the news is being digested, Credit markets are trading Slightly better.
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