They remain up substantially from earlier this year. Weekly initial jobless claims of 248,000 were close to Wall Street’s consensus view and in the middle of the range seen over the last month. Today’s report doesn’t necessarily mean we’ll see a meteoric rise in tomorrow’s Nonfarm Payrolls data. Treasury yields spiked after the ADP report, but it’s important to remember that recent ADP figures haven’t been in sync with the government’s official jobs data. Service sector job growth far outpaced goods-producing growth, and ADP’s chief economist said “consumer-facing industries had a strong June.” However, ADP believes hiring is likely “cresting.” The ADP jobs report released this morning showed a massive 497,000 positions created in June, up from 267,000 in May. WTI Crude Oil (/CL) rose to $71.91 per barrel.

Cboe Volatility Index® (VIX) futures continued to climb to 14.91.The 10-year Treasury note yield (TNX) climbed two more basis points to nearly 3.97%.But in a welcome development, market breadth has widened somewhat recently. A few mega-cap tech names were in the red this morning in premarket trading, possibly hurt by climbing Treasury yields. Some major Info tech stocks struggled again, and the sector is near the bottom of the sector scoreboard for the last week. Stocks played defense Wednesday on their first day back from the Fourth of July holiday, with utilities, staples, and health care among the better performers during a mostly uneventful session. Higher yields could raise valuation concerns for some of the higher-priced stocks out there. The 10-year Treasury note yield is flirting with 4% for the first time since early March. Treasury yields are also climbing the mercury, and that could be one factor weighing on stocks early Thursday. The heat isn’t only coming from jobs data. The Fed monitors that one closely for any sign of cooling in the sizzling jobs market. Two job-related reports hit the tape today just before the open, and shortly after the bell the Labor Department will also release the May Job Openings and Labor Turnover Survey (JOLTS). In the meantime, there’s a host of labor data to digest today before Friday’s excitement. A week from the start of Q2 earnings season, Wall Street is on tenterhooks awaiting tomorrow’s crucial June Nonfarm Payrolls report. (Thursday market open) Things are heating up, and we’re not just talking about the July weather. Treasury yields have spiked since late June, and 10-year yield is now flirting with 4% ADP jobs growth soared in June to 497,000, raising concerns about overheating economyįed minutes showed continued worries about inflation, but not all members certain of more hikes

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