$DIA, $QQQ, $SPY, RUTX, $VXX
FLASH: The Benchmark 10-year Treasury yields fell to their lowest levels since December 2017 Monday as investors evaluated last week’s Dovish pivot by the Fed.
Last Wednesday the FOMC stunned investors by abandoning projections for any interest rate hikes this year and saying it would halt the steady decline of its balance sheet in September.
Monday’s action it is a follow through trade from last week.
- 2-yr: -7 bps to 2.25%
- 3-yr: -6 bps to 2.19%
- 5-yr: -5 bps to 2.20%
- 10-yr: -4 bps to 2.42%
- 30-yr: -2 bps to 2.87%
Weaker equity markets and concerns about weakening international growth supported the trade. This is a disproportionately large rally given what we are seeing going on in risk assets.
Monday, the major US stock market indexes finished at: DJIA +14.51 at 25516.83, NAS Comp -5.13 at 7637.53, S&P 500 -2.35 at 2798.36
Volume: trade on the NYSE came in at 816-M/shares exchanged
- NAS Comp +15.1% YTD
- Russell 2000 +12.2% YTD
- S&P 500 +11.6% YTD
- DJIA +9.4% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias.
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