Stocks were sleepy on Monday, but Treasury yields were hopping.
 | MON, JUN 06, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 146.14 | +0.76 | +0.52% | | INTC | 43.34 | -0.05 | -0.12% | | MSFT | 268.75 | -1.27 | -0.47% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMZN | 124.79 | +2.44 | +1.99% | | AMD | 105.65 | -0.65 | -0.61% | | AAPL | 146.14 | +0.76 | +0.52% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMZN | 124.79 | +2.44 | +1.99% | | AMD | 105.65 | -0.65 | -0.61% | | AAPL | 146.14 | +0.76 | +0.52% | |
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It was a sleepy Monday for the stock market, but bonds delivered a jolt of excitement as the 10-year Treasury yield shot back above 3%. The benchmark yield hit its highest level in nearly a month on Monday, as investors continue to try to account for the Federal Reserve's next moves. |
Rates rose rapidly earlier this year but cooled off over the past three weeks, as the market digested the latest rate hike from the Federal Reserve and comments from policymakers. "The move up that we saw was probably too much, too fast, and that's probably why you saw a nice 50-basis-point drop in the 10-year back to 2.70%," John Luke Tyner, a portfolio manager at Aptus Capital Advisors. "And everything was kind of hunky-dory, and stock markets started rallying and things like that. ... I think the market — stocks, bonds, gold, everything maybe other than oil — is pricing based off of how much is the Fed funds [rate] going to move between now and September." The Fed's next meeting — and expected rate hike — is on June 14 and 15. Comments from central bank officials last week pointed toward a continued tightening of policy even as economic growth and inflation showed early signs of slowing. "It's just such an array of information that I think the market's having a really hard time dissecting what to believe," Tyner added. |
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