The tech layoffs are finally starting to show up in the jobs data. From Reuters:

Futures had been selling off, but rebounded sharply on initial claims of 211K versus consensus of 198K and the former print of 190K.  While not very good news for those laid off, the data might take pressure off the Fed to move off its 25bps rate hikes.\ continued for members…The equity picture continues to be constructive in the short run, though the risk of a downdraft remains if SPX can’t hold its SMA200. DJIA still has a shot at its SMA200 if it can remain below its SMA10. No major changes in currencies or oil/gas.

UPDATE: 3:00 PM

Finally!