April Kansas City Fed Manufacturing Index fell further to -8 vs. -5 est. & -7 in prior month … new orders improved but stayed in contraction; both shipments and production fell further into contraction; prices paid moved higher … employment fell back into contraction pic.twitter.com/CEJHSblnhh

Initial jobless claims at 207k vs. 215k est. & 212k prior; continuing claims at 1.781M vs. 1.814M est. & 1.796M prior … greatest increases in MA (+3.6k), RI (+1.7k), & CA (+882); greatest decreases in NY (-4.2k), PA (-2.8k), & OR (-1.3k) pic.twitter.com/OtMBqBqW8d

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

If the Dow rises today for the 5th straight day, it would be the first time that’s happened since December. @CNBC @peterschack #SchackAlert 🔥 pic.twitter.com/qbtKwM5qfJ