Unemployment Inching towards Double-Digits
Mixed data caused US equities to simply plummet yesterday, marking the third straight decline in markets. The benchmark S&P 500 fell 2.6% on the day, putting the week’s loss at -3.14%. Shares in the Nasdaq were even worse with a 3.06% nosedive.
The rapid sell-off spread overseas this morning. “Virtually every overseas equity market is down, with the notable exception of China,” said Sal Guatieri from BMO Capital Markets.
Treasuries are absorbing investors money, driving the 10-year yield down two basis points to a four-month low of 3.16%. That’s giving a boost to the housing market, as 30-year mortgage rates remain below 5% at the lowest rates in four months.
The dollar is mixed but slightly firmer this morning, while WTI Crude oil down $1.19 to $69.63 per barrel.
The major event today needs no introduction. The Employment Situation report is the closely watched piece of data to be released each month. A surprise to the upside could definitely cause a market rally, but signs are pointing to a surprise in the other direction so it could be a dismal end to an already-bad week.
Key Releases Today:
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