The up and down gyrations in the equity markets continued.  Markets opened weak on overnight news that President Trump was considering increasing the amount of tariffs to be placed on imports from China.  Loses accelerated this morning after President Trump tweeted “China, which is a great economic power, is considered a Developing Nation within the World Trade Organization. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair? We were badly represented. The WTO is unfair to U.S.”  The Dow Jones Industrial Average was trading at 24,317 before the tweet.  An hour later the Dow had traded down an additional 235 points (0.97%) to 24,082.

March Nonfarm Payrolls increased by 103,000 versus consensus estimates of 175,000.  February nonfarm payrolls was revised upward to 326,000 from 313,000. 

• Average hourly earnings increase 0.3% from February and 2.7% for the twelve months ending in February.   
• The unemployment rate was 4.1% unchanged from February.   
• The 3-month rolling average held above 200,000 coming in at 202,000
• The labor force participation rate was little change at 62.9 percent.
• Employment grew in manufacturing, health care, and mining.

   

  The numbers were tepid and should alleviate concerns regarding four rate hikes by the fed in 2018.   US Treasury bond yields fell after the news.  The Ten-Year Treasury yield dropped from 2.82% to 2.77%.     

   

  

  Uncertainty continues to plague the markets.  Are we in a trade war or not?  According to Treasury Secretary Steven Mnuchin; no we are not.  According to the markets; yes we are.  Mnuchin downplayed the trade war wording, saying the President wants fair and reciprocal trade.  This is the kind of uncertainty that has the markets confused.