Stocks and Treasury yields rose in overnight trading.
Initial unemployment claims fell slightly to +184k last week as employers continue to hold onto employees. Total claims fell -88k last week to 1.622 million as unemployed workers have no problem finding jobs.
The Philly Fed Manufacturing Index expanded at a slower rate in April to 17.6 from 27.4 last month. Business conditions slumped, CAPEX spending slowed, and new orders slowed. Employment expanded at a slightly faster rate.
Stocks closed sharply lower while despite recovering some of their morning ramp, Treasury yields closed higher on the day.