Mike Santoli's market notes: Tech fails to rescue, jobless claims not good, banks wheezing

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020.
Lucas Jackson | Reuters

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • The bond market denied cyclical stocks permission to rally, and so far monster-cap tech is not quite up to rescuing the indexes.
  • Jobless claims were no great surprise either way, but 1.4 million new claims is an awful lot months after the shutdown orders and companies are now trimming payrolls opportunistically, it seems. Certainly the numbers didn't impress Treasury traders, with 10-year yield back down to 0.62% and the 2-year back near one-month lows.