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Even energy (-2.4%) has been confined to negative territory, causing the sector to turn negative for the week (-1.7%).
Crude oil is down $2.12, or 1.7%, at $119.39/bbl, backpedaling from a three-month high that was set on Wednesday.Treasuries have been sliding throughout the day with the 2-yr note pacing the selling. As a result, the 2-yr yield has climbed above the 3.00% mark (+21 bps) while the 10-yr yield is up 13 bps at 3.17%, rising past its May high.
Midday
Dow 31530.75 -742.04 (-2.30%)
Nasdaq 11366.98 -387.24 (-3.29%)
SP 500 3914.00 -103.82 (-2.58%)
10-yr Note -30/32 3.150
NYSE Adv 353 Dec 2750 Vol 436.0 mln
Nasdaq Adv 753 Dec 3453 Vol 3.09 blnEurope hammered by inflation worries, rate hikes and the potential for a sovereign debt crisis, which is why Italy underperformed today.
Stoxx 600 -2.7%
UK FTSE 100 -2.1%
German DAX -3.1%
French CAC -2.8%
Italy MIB -5.0%
Spain IBEX -3.8%European stocks had held up much better than US stocks since the March low, in part because of far less tech exposure and lower multiples.
Watching the markets is possibly as entertaining as watching the “hollywood” production of JAN 6 hearings – lol … my bride & I watched about 30 seconds before quickly moving on to Star Trek (and original “Kahn” movie called Space seeds – lol) … years later Star Trek II wrath of Kahn become one of best all time 🙂
Dow 31,392.79 -880.00 -2.73%
S&P 500 3,900.86 -116.96 -2.91%
Nasdaq 11,340.02 -414.20 -3.52%
GlobalDow 3,700.33 -112.19 -2.94%
Gold 1,875.30 22.50 1.21%
Oil 120.26 -1.25 -1.03%1 of GREATEST & FAV all time 🙂
June 12- 18, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Image:
[See the full post at: Traders Market Weekly: The Fed’s Fight Against Inflation]
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