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profishingrods.com August 15, 2018


Markets Right Now: Stocks are mostly lower; bond yields rise

16 May 2018, 08:59 | Joann Bryant

Daily June E-mini Dow Jones Industrial Average

E-mini Dow Jones Industrial Average

The prospect of higher interest rates weighed on homebuilders, while the pickup in bond yields sent shares in high-dividend paying stocks lower.

The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday, the highest level since July 2011 for the yield, which is used to set interest rates on mortgages and other loans. The S&P 500 closed at 2,711.45 for a loss of -18.68 points or -0.68%. The Nasdaq composite fell 60 points, or 0.8 percent, to 7,349.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the USA and China", said Jon Mackay, investment strategist at Schroders North America in NY.

Technology and health care sector companies took some of the worst losses. Small-company stocks also rose.

The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb.




"The most notable of these is the retail sales data for April, which is expected to be relatively good for a second consecutive month following a few poor numbers that were a little worrying", Craig Erlam, a senior market analyst for Oanda, said in a commentary.

The yield curve steepened from near its flattest levels since 2007, with the spread between the 2 year and 10 year bond yields widening 5bps to 50bps. Chip maker Nvidia fell 3.8 percent; drug maker Celgene slid 3.9 percent.

Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Soon-to-be NY Fed President Williams noted that "inflation has just barely reached our 2 percent goal" and said that he thought the chances of two or three additional hikes this year were reasonably balanced. Brent crude, used to price worldwide oil, added 20 cents to $78.43 in London.

CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday. Copper slipped 4 cents, or 1.2 percent, to $3.06 a pound. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce. France's CAC 40 inched up 0.2 percent.



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