51 Mins Ago
Market rally broadening won’t last long, JPMorgan says
JPMorgan strategist Mislav Matejka noted Monday that the market rally broadening seen in recent week will not last long.
“We believe that the broadening in market leadership that was seen at some points this month is unlikely to have legs, as we don’t expect bond yields to move higher, especially not for the right reasons,” Mislav wrote. “Cracks in the labour market are emerging, manufacturing PMIs are not converging with services, as consensus was expecting; in fact the opposite appears to be happening, and any China stimulus might end up underwhelming – sell the news.”
— Fred Imbert, Michael Bloom
An Hour Ago
Treasury yields fall as investors prepare for economic reports, Fed speaker comments
U.S. Treasury yields declined on Monday as investors looked ahead to a week of fresh economic data that could provide insights into the state of the U.S. economy.
Investors are also looking to comments from Fed speakers, including Chairman Jerome Powell, for fresh details about further rate hikes which policymakers have indicated will likely be needed to lower inflation.
At 04:10 AM ET, the yield on the 10-year Treasury was down by close to five basis points to 3.6902%. The 2-year Treasury was trading more than four basis points lower at 4.7052%.
Yields and prices have an inverted relationship and one basis point equals 0.01%.
— Sophie Kiderlin
3 Hours Ago
European markets open tentatively higher
European markets opened marginally higher Monday in a potential bounce back following a downbeat week.
The pan-European Stoxx 600 index was up 0.1% at market open, with most sectors trading in tentatively positive territory. Oil and gas stocks led marginal gains with a 0.8% uptick, followed by travel and leisure and mining stocks, which each gained 0.4%. Banking stocks dropped 0.5%.
— Hannah Ward-Glenton
7 Hours Ago
Mainland Chinese markets lead losses in Asia, CSI 300 down 1.5%
Mainland Chinese markets were the biggest losers in Asia on Monday, with the Shenzhen Component down 1.78% and the Shanghai Composite lower by 1.35%.
The Shenzhen index was dragged by technology and consumer non-cyclical stocks, while losses on the Shanghai index were mainly due to declines in academic and educational stocks.
The broader CSI 300 index was down 1.56%.
— Lim Hui Jie
9 Hours Ago
Oil trades higher after aborted Russian mercenary revolt
10 Hours Ago
Japan service sector prices climb 1.6% year-on-year in May
Japan’s producer prices index for its services sector rose 1.6% on a year-on-year basis in May, unchanged from April’s growth rate of 1.6%.
This puts the index at 108.5, a 0.1% month-on-month drop compared with April’s 108.6.
The PPI measures the average movements of prices received by domestic producers their services sold.
— Lim Hui Jie
11 Hours Ago
Market stats entering final week of June
Here’s where the three major U.S. market averages stand with one week left in June.
The Dow:
- Up 2.49% for the month
- Up 1.75% for the year
The S&P 500:
- Up 4.03% for the month
- Up 13.25% for the year
The Nasdaq Composite:
- Up 4.31% for the month
- Up 28.91% for the year
— Jesse Pound
12 Hours Ago
Stock futures open little changed
Stock futures were flat in initial trading on Sunday evening. Dow futures shuffled between gains and losses of less than 0.1% in either direction.
— Jesse Pound
12 Hours Ago
Key stats from last week’s losses
Last week ended a winning streak for all three major averages.
- The Dow fell 1.67%, breaking a three-week winning streak.
- The S&P 500 fell 1.01%, ending a five-week winning streak.
- The Nasdaq Composite fell 1.44%, snapping an eight-week winning streak.
- It was the worst week for all three indexes since March.
- All three indexes still closed above their 200-day and 50-day moving averages.
— Jesse Pound
