CO - S&P 500 Dow Jones Nasdaq bounce around yields pop after strong economic data

The stock market is slightly lower Wednesday in choppy trading as investors try to gauge services and jobs data that showed some economic resilience.

The numbers should quell some worries about a quickly weakening economy, but also give the Fed little reason to back off from another hike of 75 basis points.

The Nasdaq ( COMP.IND ) -0.2% , S&P 500 ( SP500 ) -0.2% and Dow ( DJI ) -0.2% are down for now.

Rates reversed course and are higher. The 10-year Treasury yield is up 4 basis points to 2.85% and the 2-year is up 8 basis points to 2.90%.

The 5-year yield is up 5 basis points to 2.87%. The 2s5s curve inverted yesterday for the first time this cycle, according to Deutsche Bank.

In this morning's data, job openings for May fell but remained high at 11.3M , well above the 11M expected.

The June ISM services index dropped less than expected to 55.3 .

"There are plenty of jobs, but workers do not have enough bargaining power to increase the wage share of GDP," UBS chief economist Paul Donovan said. "The number of job openings helps build job security, giving people the confidence to support consumption by reducing savings."

This afternoon, the FOMC minutes from June's meeting are released.

"If slightly dated, the minutes will show discussions that were unpolluted by the extent of the move lower in interest rates," ING said. "With no clear sign of a deceleration in inflation, our economics team sees no reason for Fed officials to drop their hawkish rhetoric."

"In fact we even expect a 75bp hike in July, barring a sharp weakening in employment indicators in this Friday’s report. If Powell’s recent remarks are anything to go by, the tone of the FOMC minutes will cause cognitive dissonance, with markets now openly questioning how far and how long the Fed can tighten policy before having to reverse course."

See the stocks making the biggest moves this morning .

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