FinSer 

  Financial Focus
June 21, 2024 

 

     GOOD MORNING! The NASDA Composite’s run for 18,000 and the S&P’s run for 5500 hit a rough patch on Thursday. With investors jittery about the indices being in technically overbought territory and Treasury yields up earlier in the day, the 2 indexes did a small retreat and slipped from record highs. By the looks of it, funds flowed from the NASDAQ and S&P into the big cap Dow, which had underperformed over the last several weeks. Treasury prices pared early losses as housing starts and building permits issued fell from a month earlier and initial jobless claims were slightly higher than expected. Gold climbed higher despite a stronger dollar and slightly higher Treasury yields on strong demand by central banks trying to de-dollarize.
      US stock index futures and Treasury yields are down slightly in sympathy with European markets after disappointing economic reports there. The major European economies saw the preliminary manufacturing and service sector preliminary June Purchasing Managers Indexes (PMIs) retreat, dampening hopes of an economic recovery there. Stocks may also be entering the session with a bit of caution as it is triple witching day. The US market agenda will also have preliminary PMIs from the S&P Global Group, May’s existing home sales, the Conference Board’s Leading Economic Index before positioning for the weekend. There’s plenty of moving parts to keep the markets churning.

 

GENERAL
TODAY             
PREVIOUS        
FED FUNDS
5.25% to 5.50% 5.25% to 5.50%
S & P 500
5473.17 5487.03
GOLD
2376.10 2351.60
YEN
158.99 158.42
EURO
1.0683 1.0729
WEST TEXAS CRUDE
82.17 81.47
T-BILLS
YIELD                
YIELD                 
3 MONTH
5.36 5.36
6 MONTH 5.34 5.34
1 YEAR
5.09 5.06
T-NOTES / BONDS
YIELD                 
YIELD                  
2 YEAR
4.70 4.73
3 YEAR 4.43 4.45
5 YEAR 4.23 4.26
10 YEAR
4.22 4.24
30 YEAR 4.36 4.37
                                                         Data Source: Bloomberg Financial Markets