Rates Are Trying To Push Through A Wall Of Resistance

EOD

Stocks finished the day lower by about 80 bps on the S&P 500. The index had been lower in the morning and down by around 1.25%, but old habits die hard. The index plunged to start the day, with rates rising sharply following a hotter-than-expected ADP job report and better-than-expected ISM services report. 

That will put all eyes on tomorrow's job report because another strong report will pressure the Fed to lift rates at the July meeting. Expectations are for 225k jobs to be created tomorrow and for average hourly earnings to rise by 0.3% m/m and 4.2% y/y.