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Corporate Credit Update: Tech Sector Risk Outperforms

US

Investment-grade corporate credit risk moving off lows to near midday levels as stocks pare early gains: SPX eminis trade +23.25 (0.56%) at 4166.25; DJIA +44.77 (0.14%) at 33013.79; Nasdaq +100.7 (0.8%) at 12531.93..

  • Investment grade risk measured by Markit's CDXIG5 index -0.643 to 82.053; CDXHY5 high yield index at 100.932 (+0.230).
  • Outperforming credit sectors (tighter or least wide): Technology (-1.6), Communication and Industrials both (-1.4).
  • Lagging sectors (wider or least narrow): Consumer Discretionary -1.0) followed by Financials (subordinated), Energy and Health Care all clustered around (-1.1).

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