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Rising rates could contain stocks

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The increasingly uncomfortable rise in interest rates could have a strong hold on stocks Thursday, as traders await Friday's jobs report.

Unemployment claims are the key data for markets Thursday, after they hit a 15-year low in the week earlier. Economists expect to see 275,000 first-time claims, up from 262,000 in the previous period, which is still a number that points to a healthy labor market.

Traders say some views for a big rebound in Friday's April nonfarm payrolls soured after Wednesday's ADP report showed just 169,000 private sector payrolls. But there was not a downshifting in Wall Street forecasts for Friday's nonfarm payrolls. Economists expect 224,000 jobs, up from 126,000 in March according to Thomson Reuters.