This week’s selloff in Treasuries has been the big story, with bonds getting hammered and yields flirting with cycle highs. The benchmark 10-year Treasury yield hit 4.2% yesterday, its highest since November.

Stocks also took on water again yesterday, though they’re trying to stabilize this morning. Crude oil is a bit higher, while gold and silver are mixed. The dollar is modestly lower.

On the news front...

Today is “Jobs Friday” – the day markets got the latest look at US labor market conditions. Turns out, job creation came in a little light at 187,000 in July. Forecasts called for a 200,000-job gain. The Labor Department revised down previous estimates by 49,000, too.

But unemployment slipped to 3.5%, a smidge lower than the 3.6% economists expected. Average hourly earnings gained 0.4% on the month and 4.4% year-over-year, both stronger than expected. All in all? I’d call the data “mixed”...and it didn’t move the market needle much as a result. Losses in Treasuries and stocks from earlier in the week have not (yet) been reversed.

We did get BIG news on the earnings front after yesterday’s close, too. (AMZN) trounced analyst estimates thanks to cost-cutting moves and stronger sales trends in its Amazon Web Services division. The company forecast better-than-expected revenue and operating income in the September quarter, too. AMZN shares are adding to their already-hefty 2023 gains.

On the other hand, Apple (AAPL) released lackluster fiscal third-quarter results, with revenue down 1% to $81.8 billion and profit up just 2% to $19.88 billion. Sales declined in the iPad and Mac business lines, but services gains helped pad the top line. AAPL shares were down a couple of percentage points in the early going.

As a housekeeping note: My “MoneyShow Market Minute” column will be on hiatus next week while I’m hosting our Investment Masters Symposium in Las Vegas. But you’ll still get ALL the expert articles and other updates you’re used to from our roster of MoneyShow experts. So, be sure to check your inbox for Top Pros’ Top Picks each day – and I’ll see you back here Monday, Aug. 14!