Here's the New York Minute.

It's been a day dominated as you expect by the non-farm payrolls report.

This was the most important number from the report:

average hourly earnings which had been rising quite well picked back somewhat this month.

Bad news for Main Street, good news for Wall Street, cause it means less pressure on inflation less pressure to raise rate.

As you can see the 2-year bond yield dropped very sharply after we got the report,

but did rebound later after we heard from the chairman of the San Francisco Fed saying

that he thought it might be a good idea to raise rates next month.

Now, there is an another blot on the political landscape and it's in France

If we take a look at how yields of French bonds are rising compared to German yields,

you can see the markets are getting very worried by the political pressures there ahead of the election later this year

Meanwhile, the Dow here is back through 20 thousand

The biggest winner among Dow constituents since the election is Goldman Sachs, the biggest loser is Walmart

Joe Six-pack must be delighted.