Friday is off to a mixed start with the jobs report doing some damage and the ISM Services data undoing that damage.  Things are pretty much that simple, so we won't belabor the point.

Is the ISM Services data really accounting for more movement and volume than the mighty jobs report?  In a word, yes, but there are some reasons.  First off, we might refer to today's jobs report as somewhat mixed.  Indeed, it was higher than expected at a headline level, but previous months were revised lower.  Indeed, the unemployment rate remained at 3.7%, but the participation rate fell by 0.3%, effectively implying a net increase to 4.0%.  In short, the jobs report wasn't big news today, and in the chart above, you can see the bond market already reversing the trade completely by the time ISM hit.

ISM data was more meaningful.  In several ways, it was the weakest report in a few years, but mostly in terms of the employment component.  This got the market's attention more than anything, but it hasn't proven to be a lasting source of inspiration for bond bulls.