Industrial production came in worse than expected, and Morgan Stanley is laying off a bunch of people in time for the holidays, bucking the good-news trend this morning. But stock futures are ignoring them.
Industrial production fell 0.2%, defying the consensus forecast of a 0.2% gain. It was the first drop in production in seven months.
Capacity utilization fell to 77.8% from an upwardly revised 78% in October.
Meanwhile, Morgan Stanley plans to lay off 1600 of its 63,000 or so employees in the first quarter of next year.
Dow futures are unfazed, gaining 110 points at last check, roughly matching their level after the jobless claims report earlier. S&P futures are up 12 and Nasdaq futures are up 20.
Treasurys are taking a bigger beating now, pushing yields up to 1.95%.view original article