Market Snapshot
Happy Monday, apes.
I know. I wish I got hit by a train on the way into the office this morning too, but it’s okay. That’s because we have one helluva fun week ahead of us and beyond, with CPI, earnings szn, rate hikes, and PCE all set to drop in the next 3 weeks. Something tells me you won’t wanna miss it.
Neither do equity markets, for that matter. The news of the day centered around the 8:30 am drop of the June jobs data out of the BLS, which, surprisingly, jolted markets at the start of the day. However, by 1-2 pm ET, the pullback began, led by large-cap names, and forced most of the US majors into the red for the day. Small-cap Russell 2k was the only player left standing, gaining 1.22%.
Since setting decade-and-a-half highs earlier this week, the 2-year treasury yield has pulled back slightly to just below 5% leading into the week. The 10-year yield is still cooking as well, gaining above a high 4.20% to slightly narrow this monstrous yield curve inversion. Speaking of which, are we still sure that’s nothing?
Let’s get into it.
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