Volume is light but it's not a quiet day. At midday, the Nasdaq is up 0.5%. The June Jobs report is the news driver today. The data confirms that the U.S. labor market is starting to slow. Nonfarm payrolls came in stronger than expected showing 206,000 new jobs but at a slower pace than the month before. Significantly, the unemployment rate edged up to 4.1%, its highest rate in almost three years and in-line with our Argus forecast. The Fed has said that this is the rate it was looking for. The other big news item today is that t