The market opened with a gusto but started to lose steam as the Street evaluated the resilient labor market and if  it would bolster the Fed’s hawkish stance. Investors continue to expect a 75bp hike in the fed funds rate at the July meeting.

While the major indices are down, most rates are still higher. The 10-year is up 7 basis points to 3.07%, and the 2-year up 6 points to 3.10%.

Healthcare is the sole winner in the S&P 500 this afternoon, while Materials are the worst performers.

We are looking for a moral victory right now, closing down less than 1%.

Have a great weekend.