Well off early session highs, investment-grade corporate credit risk drifts near last week's six week lows as stocks hold decent gains on modest trade in lead up to FOMC policy annc. Currently, SPX eminis trade +49.75 (1.27%) at 3972.75; DJIA +64 (0.2%) at 31823.78; Nasdaq +288 (2.5%) at 11850.11.
- Investment grade risk measured by Markit's CDXIG5 index -2.638 to 84.597; CDXHY5 high yield index at 100.202 (+0.553).
- Outperforming credit sectors (tighter or least wide): Communications (-2.8), Industrials and Technology both -2.7.
- Lagging sectors (wider or least narrow): Financials (subordinated) -0.9%, Materials (-1.3), followed by Senior Financials (-1.5).