After a rough start this morning, stocks have erased nearly all of their losses this afternoon.
The S&P 500 is trading down 0.2%, near 1752. Earlier, it traded as low as 1737. The Dow Jones Industrial Average is unchanged on the day after being down earlier as well.
Notably, Treasuries are down today as well, marking a departure from the inverse trading relationship between the two asset classes in recent days as global markets have sold off.
The release of the results of the Institute for Supply Management’s monthly survey of services-sector firms at 10 AM revealed an acceleration in hiring, which should augur well for the big event — the release of the official jobs report from the U.S. Bureau of Labour Statistics on Friday morning.
The charts below show price action in various markets this morning. Across the top from left to right are the S&P 500, the dollar-yen exchange rate, and the euro-dollar exchange rate. Across the bottom are gold futures, 10-year U.S. Treasury note futures, and the dollar-Turkish lira exchange rate.