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Further Climb In Treasury Yields Post-Auctions Weighs On Stocks

US STOCKS
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  • The further increase in Treasury yields since two auctions, led by real yields, to highs since early May has weighed further on equities (10Y real yield +5.5bp & nominal yields +7.1bps since Fri).
  • It’s likely helped instigate some large sell programs, with the NYSE TICK index showing 1530 names at 1352ET for the largest sell program since May 22 and before that Apr 25.
  • ESM4 has seen a session low of 5311.0 for a pullback from the early high of 5339.00, but doesn’t yet trouble support at 5259.02 (20-day EMA).
  • The Nasdaq 100 e-mini outperforms (+0.2% vs -0.1%) owing in large part to Nvidia currently up more than 7%, extending last week’s post-earnings gains with a boost by Elon Musk’s artificial intelligence startup, xAI, raising $6bn and looking to construct a supercomputer connecting groups of Nvidia’s H100 GPUs.
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  • The further increase in Treasury yields since two auctions, led by real yields, to highs since early May has weighed further on equities (10Y real yield +5.5bp & nominal yields +7.1bps since Fri).
  • It’s likely helped instigate some large sell programs, with the NYSE TICK index showing 1530 names at 1352ET for the largest sell program since May 22 and before that Apr 25.
  • ESM4 has seen a session low of 5311.0 for a pullback from the early high of 5339.00, but doesn’t yet trouble support at 5259.02 (20-day EMA).
  • The Nasdaq 100 e-mini outperforms (+0.2% vs -0.1%) owing in large part to Nvidia currently up more than 7%, extending last week’s post-earnings gains with a boost by Elon Musk’s artificial intelligence startup, xAI, raising $6bn and looking to construct a supercomputer connecting groups of Nvidia’s H100 GPUs.