Today’s Trading – Stocks Come Off of Friday’s Record Closes as Treasury Yields Rise from Key Technical Levels
Jun 5, 2017
An uneventful day for stocks left the major equity indices marginally below Friday’s closing levels as gains in energy shares and consumer staples offset losses in utilities, materials, and industrials. Energy companies’ tallied a Monday-best 0.2% gain despite crude prices falling back towards their lowest levels in nearly a month. Rate-sensitive utility companies took a hit as Treasury yields moved higher by 1.4 bps on the 2-year note (1.30%) and 2.3 bps on the 10-year note (2.18%). The day’s economic data was a touch on the soft side but failed to push Treasury yields further through key technical levels tested last Friday. The Dollar inched up off of Friday’s closing levels which was the weakest level since early October. Oil fell and has now moved lower in six sessions of the last eight sessions. OPEC’s announcement that it would extend production cuts has failed to boost prices.