The weekly initial and continuing claims shows:

• Initial jobless claims 202K vs 212K estimate. Prior week revised to 211K from 210K
• 4 week moving average of initial jobless claims 207.75K versus 210.75K last week.
• Continuing claims 1.841M vs 1.839M estimate.
• 4 week moving average of continuing claims 1.839M vs 1.846M last week.

The dominant theme is a “low-hire, low-fire” . The data reflects stability in the labor market amid a low-firing backdrop combined with slowing hiring.

Low claims don’t mean the labor market is entirely healthy. Hiring can slow at the same time layoffs remain low, creating a market where people who have jobs keep them but people looking for work struggle to find new opportunities.

However this data is not reflective of a weakening labor market.

The stock remain lower with the NASDAQ -476 points and the downtown -645 points.

The US yields remain higher with the 10 year up 3.3 basis point at 4.354%. The 2-year is up 2 point basis points at 3.831% .

Crude oil remains elevated and trades above $110 at $110.52. The high has extended to $110.74. With oil continuing its move to the upside that will be the focus for traders. The spike price from March 9 reached $119.48.

This article was written by Greg Michalowski at investinglive.com.