A.M. Update

S&P futures are up +0.2%, off lower levels this morning following economic data and a turn lower in yields. The 10-year yield was approaching 5.00%. Weekly initial jobless claims (better than expected) totaled 198,000 (consensus 211,000) following a revised count of 211,000 last week (from 209,000). Weekly continuing claims (worse than expected) came it at…