Economist's Insights

Yesterday’s Trading Activity – Senate ACA Reform Bill Boosts Shares of Health Care Companies

Jun 22, 2017

The major U.S. equity averages ended Wednesday essentially unchanged after losses in consumer staples and financials neutralized gains in health care and materials. The Treasury curve flattened on lower yields and the Dollar was essentially unchanged. Equities had traded higher for most of the session before a late afternoon drop erased those early gains. Health care companies gained after the Senate released their draft health care reform bill. Shares of financial companies fell ahead of the after-market announcement of the Fed’s latest stress test results. Results from round one of the stress tests showed all 34 banks met the minimum requirements. The second round results will be released next Wednesday. After a bit of intraday volatility, Treasury yields ended about where they started. The 2-year yield fell 0.8 bps to 1.34% as the 10-year yield edged down 1.6 bps to 2.15%.