Unexpected Rise in Jobless Claims Has Bulls Coming Up Lame

After snapping the two-day winning streak yesterday, the bulls are being stalled by a surprising increase in weekly initial jobless claims, which has some worried about what tomorrow's labor report may reveal about the health of the jobs market. Making matters worse for the equity markets, Target is headlining a plethora of retail same-store sales reports by missing the Street's expectations. In other equity news, Visa topped profit projections, while MasterCard missed. Treasuries are higher after the disappointing jobs report and following a smaller-than-expected increase in nonfarm productivity in 4Q, ahead of a report on factory orders. Overseas, markets are lower, as Europe is reacting to monetary policy announcements from the Bank of England and the European Central Bank.