| Last | Change | Percent | |
| S&P Futures | 1387.5 | 1.6 | 0.12% |
| Eurostoxx Index | 2288.4 | 1.3 | 0.06% |
| Oil (WTI) | 101 | -1.5 | -1.47% |
| LIBOR | 0.466 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 79.3 | 0.079 | 0.10% |
| 10 Year Govt Bond Yield | 1.95% | 0.02% | |
| RPX Composite Real Estate Index | 174.6 | 0.4 |
Markets are flat this morning after disappointing economic data out of Europe. Eurozone PMI data was solidly below 50, indicating business conditions are getting worse, not better. Equity markets recovered after initially selling off on the payroll data. Bonds and MBS are down slightly.
Payroll data is out - 115k jobs were added in April, well below the 160k estimate. The unemployment rate fell to 8.1%, and the labor force participation rate fell to 63.6%. Average hourly earnings were flat. By all accounts, this was a disappointing report, and the markets sold off on the number, but then recovered. I suspect that predicting market reactions to economic data are going to become more difficult as disappointing numbers raise the possibility of QEIII.
Lender Processing Services has put out its full report on March foreclosures. Delinquencies are continuing to decline (lowest level since Aug 08), while the foreclosure inventory is still at all-time highs, especially in judicial states.
More data on the Facebook IPO. The pricing range is $28 - $35 for a company that earned 43 cents a share last year. 81x trailing earnings. Click to Like.
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