Bad Economic Data Sends Yields to the Basement, Dow to the Nosebleeds: Feb. 10, 2026

A blockbuster nonfarm payrolls report is sending yields to the nosebleeds as Fed hike probabilities rise materially in response to persistently robust jobs numbers.

Pain at the pump is expected to ease for the fourth consecutive week in this Tuesday’s report, as optimism regarding potential progress in the Middle East has quelled fuel costs.

This morning, we received the highly anticipated May jobs report.  The results themselves were quite solid, which ended up presenting a problem for stock and bond markets.  Yesterday, thanks to a combination of sectoral rotation and bargain hunting stocks were able to largely recover from their early declines. This morning, not so much…,

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Rate futures moved to a 68.4% chance of tightening in December, even as June is still priced for a 3.50%-3.75% hold.