S&P 500 FINANCIALS INDEX
| Value 152.79 | Change 0.79 | % Change 0.3% |
The Alerian MLP Index is down 2 to the 211s. Almost ½ the gains in Q2 were lost in the last 2 weeks. REITs & junk bond funds are also lower. Not much happening today, as oil is down pennies in the 67s.
Alerian MLPIndex --- 1 month
The 2 year Treasury note was little changed ahead of the very big $40B auction at lunchtime. After 3 days of rising markets for Treasuries, the 2 year note yields 1.15% (annualized) or a big 251 basis points below the 10-year bond's 3.66% yield. The 2 year note will have only minimal inflation fears built into its yield. The Treasury will sell $104B in notes this week, for another record. More supply could bring lower prices & higher yields.
Two-Year Treasuries Decline Before $40 Billion Auction of Notes
The US Energy Dept will provide loans to Ford (F), Nissan Motors & Tesla Motors money for retooling their plants to develop fuel-efficient vehicles.
News on housing continues dismal. Housing resales were up 2% but prices fell 7%, the usual assortment of mixed message from housing statistics. The bigger picture is housing is mired in a terrible depression, working off all this inventory could take a few years. The Federal Reserve is meeting on interest rates & will give an assessment of the future. With their key rate essentially at zero, their comments take will take on greater importance. Markets should remain in a holding pattern until their announcement tomorrow. Meanwhile stocks are skidding.
Dow Jones Industrials --- 3 months
No comments:
Post a Comment