![]() Weekly continuing claims fell -13,000 to a 4-month low of 1.720 million, showing a stronger labor market than expectations of 1.737 million. ![]() weekly initial unemployment claims rose +12,000 to 248,000, slightly more than expectations of +245,000. Jun ADP employment change surged by +497,000, well above expectations of +225,000 and the most in 16 months, signaling strength in the U.S. Stock index futures extended their losses, and bond yields rose even further this morning on a blowout Jun ADP employment report that showed employers added the most jobs in 16 months and after the Jun ISM services index rose more than expected to a 4-month high. Stock index futures were under pressure in the overnight session, and bond yields rose on comments late Wednesday from New York Fed President Williams, who said the incoming data the Fed has seen so far support the "hypothesis" that the Fed has more work to do on monetary policy. ![]() economic reports on Jun ADP employment and Jun ISM services bolstered the outlook for the Fed to be more aggressive in raising interest rates. Stocks and bonds are falling today after stronger-than-expected U.S. Stocks this morning are moderately lower, with the Dow Jones Industrials falling to a 1-week low. The S&P 500 Index ( $SPX) ( SPY) today is down -1.28%, the Dow Jones Industrials Index ( $DOWI) ( DIA) is down -1.32%, and the Nasdaq 100 Index ( $IUXX) ( QQQ) is down -1.31%.
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