You can see why the stock market likes the report. It’s good, but not good enough that Fed fed will hike rates.
S&P 500 futures are 9 points above fair value at 1890. If you look at the spot market, which closed at 1889 yesterday, that takes it awfully close to 1900 and that will act like a magnet.
One big warning sign, however, is the bond market. The 10-year note is starting to rip with yields down 4 bps to 2.75%.
