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U.S. Treasuries sit on their lows after backtracking from their starting levels.
The 10-yr note and the long bond showed relative strength at the start, but they were quick to slip from their highs while the past 40 minutes have seen a slide to fresh lows across the curve.
The early selling has the 10-yr yield right below last week’s high (4.223%) while the 30-yr yield is at its highest level in over two weeks.
Equities are little changed with the S&P 500 (+0.2%) trading ahead of the Nasdaq (UNCH).
2-yr: +6 bps to 4.73%
3-yr: +7 bps to 4.64%
5-yr: +5 bps to 4.37%
10-yr: +3 bps to 4.19%
30-yr: +3 bps to 4.28%Cautious Election Predictions (and am non-political as both parties need to balance budget & work better for all
+23 “R” in HOUSE … +1 “R” in SENATE … and as even the MUSK-ET-TWITTER noted “gridlock is good in FED GOVT”
I do hope both sides work together in days ahead … with prayers for USA & it’s future in days ahead
Please prayerfully VOTE tomorrow for what you feel is BEST CHOICE for our national future ahead
My bride & I voted in mid-OCTOBER by mail & very secure + well done process in VIRGINIA
and blessings upon all our new 2023 leaders — regardless of party affiliation 🙂Dow 32,827.00 423.78 1.31%
S&P 500 3,806.80 36.25 0.96%
Nasdaq 10,564.52 89.27 0.85%
VIX 24.35 -0.20 -0.81%
Gold 1,677.90 1.30 0.08%
Oil 91.91 -0.70 -0.76%CONGRATS to the ROCK & ROLL hall of fame 2022 inductees 🙂
Equity indices in the Asia-Pacific region ended Tuesday on a mixed note while India’s Sensex was closed for a holiday.
Japan’s Nikkei: +1.3%,
Hong Kong’s Hang Seng: -0.2%,
China’s Shanghai Composite: -0.4%,
India’s Sensex: CLOSED,
South Korea’s Kospi: +1.2%,
Australia’s ASX All Ordinaries: +0.3%.Japan’s September Leading Index 97.4 (expected 97.5; last 101.3) and Coincident Indicator -0.7% m/m (last 1.7%). September Overall wage Income 2.1% (expected 1.7%; last 1.7%). September Household Spending 1.8% m/m (expected 1.7%; last -1.7%); 2.3% yr/yr (expected 2.7%; last 5.1%)
South Korea’s September Current Account surplus $1.61 bln (last deficit of $3.05 bln)
Australia’s October AIG Services Index 47.7 (last 48.0) and November Westpac Consumer Sentiment -6.9% (last -0.9%). October NAB Business Survey 22 (last 25) and Business Confidence 0 (last 5)
New Zealand’s 2-yr inflation expectations 3.6% (last 3.1%)
The Bank of Japan’s latest summary of opinions noted that consumer inflation is expected to continue accelerating.
The Japanese government is reportedly planning to add JPY1.4 trln worth of loans to its second extra budget.
Macau will reportedly ease entry rules for foreigners at the beginning of next week.Major European indices trade near their flat lines.
STOXX Europe 600: +0.3%,
Germany’s DAX: +0.3%,
U.K.’s FTSE 100: -0.2%,
France’s CAC 40: UNCH,
Italy’s FTSE MIB: +0.3%,
Spain’s IBEX 35: +0.3%.Eurozone’s September Retail Sales 0.4% m/m, as expected (last -0.3%); -0.6% yr/yr (expected -1.3%; last -1.4%)
France’s Q3 nonfarm payrolls 0.4% qtr/qtr, as expected (last 0.5%). September trade deficit EUR17.50 bln (expected deficit of EUR14.30 bln; last deficit of EUR15.30 bln). September Current Account deficit EUR7.30 bln (last deficit of EUR5.90 bln)
Italy’s September Retail Sales 0.5% m/m (last -0.3%); 4.1% yr/yr (last 4.4%)
Bank of England Chief Economist Pill pushed back against suggestions that policymakers are too focused on reducing inflation at the expense of growth.
European Central Bank President Lagarde repeated that the ECB must bring inflation back to the 2.0% target.
The latest trading update from British homebuilder Persimmon noted a decrease in sales and prices of new homes alongside a rise in cancellation rates.Lyft (LYFT 11.74 -2.40 -16.97%): beats by $0.02, reports revs in-line, adjusted EBITDA of $66.2 mln, ahead of its guidance; guides Q4 revs in-line, guides for adjusted EBITDA of $80-$100 mln; downgraded to In-line from Outperform at Evercore ISI
Take-Two (TTWO 89.32 -19.08 -17.60%): reports Q2 (Sep) results, misses on revs; guides Q3 revs in-line; lowers FY23 guidance
SolarEdge Technologies (SEDG 234.12 +22.82 +10.80%): misses by $0.53, beats on revs; guides Q4 revs in-line
TripAdvisor (TRIP 18.76 -5.04 -21.18%): misses by $0.10, beats on revs, expects a modest sequential slowdown in Q4 revs
Five9 (FIVN 41.65 -5.35 -11.38%): beats by $0.04, beats on revs; guides Q4 EPS, revs below consensus
DuPont (DD 63.66 +1.92 +3.11%): beats by $0.03, beats on revs; guides FY22 EPS above consensus, revs slightly below consensus
Scotts Miracle-Gro (SMG 52.81 +1.10 +2.13%): upgraded to Overweight from Equal Weight at Barclays
NVIDIA (NVDA 147.29 +4.28 +2.99%): offered alternative chip to clear export restrictions, according to WSJ.S&P 500 futures are up 14 points and are trading 0.4% above fair value.
Nasdaq 100 futures are up 76 points and are trading 0.7% above fair value.
Dow Jones Industrial Average futures are up 113 points and are trading 1.8% above fair value.Lyft (LYFT 11.83, -2.31, -16.3%) and TripAdvisor (TRIP 17.89, -5.91, -24.8%) are making big downside moves this morning after reporting quarterly results since yesterday’s close.
U.S. Treasuries are on track for a mostly flat start while the 2-yr note is expected to show slight relative strength in the early going.
U.S. Treasury will sell $40 bln in 3-yr notes at 13:00 ET.
The U.S. Dollar Index is up 0.3% at 110.422-yr: -2 bps to 4.71%
3-yr: UNCH at 4.64%
5-yr: -1 bp to 4.38%
10-yr: UNCH at 4.21%
30-yr: +1 bp to 4.32%
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