Weak labor market data (JOLTS big miss) and mixed Orders (Manufacturing beat, Durables miss) sent 'hard' data' to its weakest since the start of the year.. {chart} ...and that 'bad' news was enough to spark another dovish leg higher in rate-cut expectations... {chart} BUT... and its a big but, stocks didn't love the 'bad news'. Small Caps were particularly ugly but an afternoon srge lifted the majors green but they could not hold all the gains... {chart} As David Rosenberg noted on X: "The fact that equities are not responding well to the renewed pullback in Treasury yields and the swaps market beginning to price ... (full story)