Stocks Erase Overnight Gains, Bond Yields Tumble After Disappointing Jobs Data
Tyler Durden
Thu, 07/23/2020 – 08:57
The first rise in jobless claims since March prompted a brief Tyson-esque “punch in the face” of reality for the incessant dip-buyers in the stock market…
And bond yields are sliding to near cycle lows once again…
An additional catalysts for the derisking was back to back interviews with Mnuchin and Hoyer on CNBC which spooked investors over whether a CARES Act ‘bonus’ extension is coming (and Republicans proposing to reduce extended unemployment benefits from $2,400 a month to $400 a month as Hoyer demands 100s of billions for states and cities).