Today’s Trading Activity – Stocks, Treasurys (Price), Oil, and the Dollar All Rise
Jul 10, 2017
Early trends in U.S. assets rightly projected how Monday’s trading would unfold. Early morning trends correctly indicated tech stocks would lead the way while the S&P and Dow would struggle for direction. The Nasdaq gained 0.4% while the S&P added just 0.1% and the Dow slipped less than six points. The energy sector of the S&P also fared well as crude prices staged a mid-morning rebound to erase an overnight loss and close higher on the day. A report that Libya and Nigeria would be asked to join OPEC’s production cuts, previously excluded for discrete reasons, was price supportive. After some intraday ups and downs, Treasury yields finished about where they began. Between the 2-year (1.38%) and 10-year (2.37%) parts of the curve, yields fell roughly 1.5 bps; except for a 2.0 bps decline for the 7-year note.