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It's a streak not seen since at least 1998, according to Bespoke Investment (as far back as its research goes). Going back to 2012, stocks have rallied on 14 of the last 15 jobs report days.
Trying to explain the unexplainable, Wells Fargo CIO Dean Junkans speculates it's a bad news is good news, good news is good news kind of thing. Weak prints mean the Fed is going to stay looser for longer and strong reports suggest the underlying economy is doing decently.
Citi's Stephen Englander suggests a reason for the streak to end today: Investors have largely ignored a string of Fed officials touting the growing strength of the recovery and setting the stage for serious rate hike talk. A strong print this morning might force a quick recalibration of attitudes.
A rally is underway after Putin's ordering of forces back to their bases after the completion of training exercises. In his first public comments since the overthrow of Viktor Yanukovych, he called the action an illegal coup but said he'd only send soldiers into the country in an extreme case. S&P 500 (SPY), Nasdaq 100 (QQQ), and DJIA (DIA) futures are all ahead 1%.
The Stoxx 50 is higher by 2.2% and Asia posted moderate gains overnight.
Russia's Micex is up more than 5%
Gold and oil give back a portion of yesterday's gains, each off slightly more than 1%, and Treasury prices give it all back and more, the 10-year yield now higher by six basis points to 2.66%.
Major U.S. stock index futures are all off about 1% as the chance of military conflict in Eastern Europe builds following Russia's seizing of control of Ukraine's Crimean peninsula.
"[An] incredible act of aggression," says Secretary of State John Kerry as he heads to Kiev to show support for the new Ukrainian government.
Gold has its tail way in the air, up 1.6% to $1,344 per ounce, and money is also flowing into U.S. Treasurys with the 10-year yield off five basis points to 2.60%. WTI crude oil is ahead 1.5% to $104.16.
S&P 500 (SPY) futures are off 0.3% as earnings continue to roll in and ahead of Janet Yellen's appearance in the Senate later today. What's the Fed Chair's take on recent weak economic statistics and the weather?
Europe's caught in a sizable selloff, with the Stoxx 50's -1.3% led by a 1.7% decline in Germany (EWG). Asia was mostly higher, led by the Hang Seng's 1.7% gain.
Treasury yields dip another basis point after yesterday's big move lower, the 10-year now at 2.65%. Gold's up a couple of dollars to $1,332 per ounce.
Stock index futures are just marginally lower as earnings continue to roll in and China tumbles another 2.1% amid continued weakness in the yuan. The tightly controlled yuan has been falling amid growing signs of economic weakness in the country and worries (several years old now) about China's bubbly housing market.
Europe is showing moderate losses.
The 10-year Treasury yield is flat at 2.74% and gold is off a couple of dollars to $1,334 per ounce.
Stock index futures are off marginally amid a moderate global selloff following the slightly hawkish tilt to FOMC minutes yesterday and with weak Chinese PMI numbers also giving writers an easy opening line for their stories.
Europe's down about 1% and the Nikkei led declines in Asia, falling 2.15%.
The 10-year Treasury yield is down two basis points to 2.72% and gold slips 0.5% to $1,314 per ounce.