Stocks Tumble And Bonds Spike Following Three Weak Economic Data Releases

Worried trader looking at Bloomberg terminal computer screen in dark room

S&P 500 futures are tumbling and Treasuries are catching a bid in the wake of three weaker than expected economic data releases that all came out at 8:30 AM ET.

S&P 500 futures are trading around 1651 versus levels around 1656.5 prior to the releases, and are now down 0.2% from yesterday’s close.

30-year Treasury futures, on the other hand, spiked to levels around 144’30 from around 143’30 prior to the releases, and are now up about 0.5% on the day.

The yen spiked from levels around 102.60 against the dollar prior to the releases to around 102.20, confirming the bout of “risk off” caused by the three releases.

Consumer prices fell 0.4% in April from the previous month, worse than the 0.3% decline predicted by economists.

Initial jobless claims surged to 360,000 in the week ended May 11 from 328,000 in the previous week. Economists were looking for 330,000.

Housing starts in April were 853,000 at a seasonally adjusted annualized rate, down substantially from the 1.021 million pace recorded in March and below estimates for a smaller drop to 970,000.

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