What’s new is that the curve is back to 100 basis points after narrowing from more than 100 to around 50 earlier this year.
It’s not breaking news that the Treasury yield curve remains inverted, meaning short-term notes carry higher yields than longer-term ones. WTI Crude Oil (/CL) rose slightly to $69.63 per barrel after the weekend’s attempted rebellion in Russia.Contracts for later this year are higher, however, signaling that investors expect more volatility down the road. The Cboe Volatility Index® (VIX) futures jumped to 14.29 but remains near recent 3-year lows.The 10-year Treasury note yield (TNX) dropped 4 basis points to 3.69%.The situation that played out in Russia over the weekend doesn’t appear to be having a major impact on the markets, but if things heat up again there, it could potentially lift crude oil, Russia’s major export. Stocks have a weaker tone heading into Monday’s session after softness overnight in Asian and some European markets. The question is whether “buy the dip” shows up if that 4,325 level is breached-something we may learn soon. The broad pullback was accompanied by three-year lows in volatility, a reassuring trend. It’s possible things just got stretched too far earlier this month and the market is reverting toward a mean.
Still, the S&P 500® Index (SPX) is down just 2% from the 14-month high recorded June 16 and remains above a key technical support level of 4,325. Real estate, energy, and utilities formed the back of the pack. Softer reads on manufacturing proved the dagger Friday as Wall Street wrapped up a week where every S&P 500 sector besides health care sank.
and other major markets over the last few sessions. Hawkish talk from the Federal Reserve and other central banks, accompanied by worries about the global economy, ganged up on U.S.
The tech-heavy Nasdaq 100 (NDX) suffered its first losing week since April. (Monday market open) Stocks began Monday licking their wounds after the worst week in more than a month. trading as economic worries persistĬrude up just slightly after Russia rebellion attempt quelled over weekend Major earnings week ahead highlighted by Nike, Micron, and Walgreen’s Boots AllianceĬontinued overseas softness spills into U.S.
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