A double-shot of hot economic data sent bond yields spiking and the stock market falling as Wall Street continued to rethink the path forward for interest rates.
The Bureau of Labor Statistics said November job openings rose to 8.1 million, which was ahead of economists’ expectations at 7.7 million, according to FactSet. The Institute for Supply Management’s Services Purchasing Managers’ Index for December rose to a reading of 54.1, which topped expectations at 53.
“Jolts and Ism did not show weakness like markets thought,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “Fed on hold for January unless payrolls shows surprising weakness, even then it will be viewed with skepticism.”
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