Quiet Monday with ECBs Lagarde testimony the highlight

Monday after jobs

The US jobs report surprised on Friday with a gain of +2.5M vs a decline of -7M expected. Focus in the US will be on stock and bond markets. The stocks rose sharply with the Dow industrial average leading the way with a 3.15% gain. The NASDAQ lagged with a 2.06% gain (S&P rose 2.62%) .  US stocks are mixed with the Dow (+249 points) and S&P (+17 points) rising but the NASDAQ lower (-15 points) currently.  Bond yields are higher on Friday and are marginally higher today with the yield curve continue to steepening
There are no economic statistics released today. ECB’s Lagarde will the testifying in the European Parliament hearing.  Last week, Lagarde and the ECB increases emergency bond buying foreign by another  €600 billion. However she could face some questions over the stimulus after the German top court ruled that the ECB abused his power in earlier bond purchases.  The guards testimony is to begin at 9:45 AM ET
The US treasury will auction off 3 year notes at 1 PM ET. With all the stimulus treasury auctions will continue to be more of a focus as the markets adjust to higher borrowing requirements. Yields are moving higher in anticipation
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