Something is up in the Treasury market, where the 10-year yield is off a big five basis points to about its lowest level of the year at 2.60% ahead of the April employment report tomorrow morning. Eurodollar futures are up a couple of ticks, with the December 2016 contract still pricing in about 200 basis points in rate hikes between now and then.
Today's economic news had initial jobless claims popping all the way to 344K, but the seasonal adjustments are questionable around Easter and spring break. April's ISM report gained from March and came in slightly ahead of expectations.
Economists are calling for a gain 210K for tomorrow's jobs numbers, with the unemployment rate dipping to 6.6%.