The wildcard of today's session, and the reason stocks opened higher and bond yields lower, is the fourth quarter price deflator data, which swooned to 1.5%.

If Powell & Co were looking for cover to cut sooner rather than later this would be it.

The news moved the needle a bit for March, but the street still sees the first rate cut in May.

This morning, we learned initial jobless claims rose 214,000 against consensus 200,000 and the prior week’s read of 189,000.

There is new research suggesting the reason initial jobless claims have been so low is it doesn't replace enough of lost wages, and more people are opting for the gig economy and freelancing. 

Remember, yesterday's close.  It wasn't pretty and it feels like we are setting up for a repeat.