Good evening.

The 10 year treasury rate inched up to 3.744% today, as compared to 2.6% in March.

Get ready for a pull back.

Market Insider: Jobless Data, Retail Sales to Challenge Stocks

Weekly jobless claims and retailers’ monthly sales reports combine to challenge stocks Thursday and will likely paint a picture of a consumer still very much under pressure.

Investors will also be watching for follow through from Cisco’s [CSCO 22.17 -0.27 (-1.2%) ] after-the-bell earnings, which beat analysts’ expectations both on the bottom line and top line. Cisco shares were slightly weaker after it reported it earned $0.31 per share on revenues of $8.54 billion. Cisco also forecast a double digit decline in current quarter revenues but suggested it sees signs of stabilization.

The dollar is also a major focus, as the Bank of England and European Central Bank hold rate meetings ahead of the New York open.

Wednesday’s action illustrated once more that the stock market is resilient in the face of disappointing news and growing expectations it will soon succumb to a significant sell off.