[Chart courtesy of MarketWatch.com] Stocks started the day on the defensive as stubbornly high Treasury yields and another spike in oil kept investors on edge. The 10-year hovered around 5.28%, while crude jumped roughly 4% to about $104 as Middle East tensions intensified. That’s not exactly the recipe the Fed ordered for bringing inflation back under control. Rate-sensitive areas like …
Stocks Hit A Yield Wall As The Bond Market Takes Center Stage
[Chart courtesy of MarketWatch.com] Stocks came under pressure early as the bond selloff intensified, sending the 10-year Treasury yield above 5.3% and putting both financials and technology on the defensive. Rising oil prices added another wrinkle, reviving concerns that inflation could stay stubborn and keep rates higher for longer. The mood improved after the $39 billion 10-year Treasury auction came …
Tech Leads The Charge As Stocks Push Higher
[Chart courtesy of MarketWatch.com] The S&P 500 notched another fresh intraday high this morning, with tech once again doing much of the heavy lifting. Chipmakers led the charge, with Marvell jumping 7% while Nvidia and Broadcom added about 1% each. Stocks also got some help from the bond and energy markets. Treasury yields backed off recent highs, with the 10-year …
Nasdaq Hits A Record, But Beneath The Surface Trouble Brews
[Chart courtesy of MarketWatch.com] The Nasdaq sailed to another record high, even as Treasury yields pushed higher, with the 10-year climbing to 5.33%. The ISM Services reading of 54.9% landed roughly where expected, keeping the economic-growth story intact while traders now look ahead to Wednesday’s Fed minutes for clues on the rate outlook. But beneath the headline gains, things were …
Stocks Dodge A Yield Curveball And Claw Back To Even
[Chart courtesy of MarketWatch.com] Stocks started October on the back foot as surging Treasury yields pressured the broader market, despite blockbuster earnings from Micron. The 10-year yield briefly climbed above 5.34%, touching levels not seen in roughly 24 years, while the 30-year pushed above 5.66%. That’s becoming the market’s elephant in the room. Stocks remain near record highs, but with …
Cooling Inflation Meets Red-Hot Yields: What Gives Next?
[Chart courtesy of MarketWatch.com] Stocks got an early lift as September wrapped up, helped by a friendlier-than-expected inflation report. Both headline and core PCE cooled, giving traders some hope that the Fed may not need quite as heavy a hand going forward. But the bond market wasn’t exactly celebrating. The 10-year Treasury yield pushed toward 5.3%, keeping pressure on equities …