Stock Market Update

[BRIEFING.COM] The market moved mostly sideways over the last half hour.

The 10-yr yield settled one basis point lower at 4.27% and the 2-yr yield three basis points higher at 4.15% after a choppy session. Treasuries were reacting to a strong ADP Employment Change report for October (233,000; Briefing.com consensus 105,000) while the advance reading of Q3 GDP showed a deceleration in the growth rate to 2.8% (Briefing.com consensus 3.0%) from 3.0% in Q2.

Friday's economic data features:

• 8:30 ET: September Personal Income (Briefing.com consensus 0.4%; prior 0.2%), Personal Spending (Briefing.com consensus 0.4%; prior 0.2%), PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), and Core PCE Prices (Briefing.com consensus 0.2%; prior 0.1%), Q3 Employment Cost Index (Briefing.com consensus 1.0%; prior 0.9%), weekly Initial Claims (Briefing.com consensus 229,000; prior 227,000), and Continuing Claims (prior 1.897 mln)
• 9:45 ET: October Chicago PMI (Briefing.com consensus 47.5; prior 46.6)
• 10:30 ET: Weekly natural gas inventories (prior +80 bcf)