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Despite some good economic data, US stocks slipped on the back of a fall in tech stocks.

Markets were a little more disjointed overnight, with correlations braking down as markets effectively reacted to local news and events. Well their own market specific news flow. For the first few hours US stocks did little, brushing off that jump in jobless claims to 388,000 from 342,000 and also ignoring the solid improvement in the Philly Fed manufacturing index to 5.7 (average 7) from -1.9. Having said that both series have been so volatile they are worth ignoring for now. For what it’s worth the four week moving average for claims has been little changed at 365,000 which is consistent with ongoing robust jobs growth. So no real change to the outlook and the data didn’t have much of a market impact.

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