Late Risk-Off or Month End Positioning?

FI futures finishing mildly higher - well off early session lows as weaker than expected data helped kick things off. Debatable, some desks cited headlines that Turkey's agreement to back Finland and Sweden entry into NATO for adding to the late risk-off tone. Lack of support for stocks could be associated with month-end repositioning remains to be seen.

• Stocks reversed early gains following weaker data (June Consumer Confidence of 98.7 vs. 100.0 est while Richmond Fed Index much weaker than expected at -19 vs -7 est) extending lows at the moment: SPX eminis -74.5 (-1.91%) at 3829; DJIA -459.54 (-1.46%) at 30978.22; Nasdaq - 316.3(-2.7%) at 11208.38.
• Bonds sold off briefly following weak $40B 7Y note auction (91282CEV9) tails (third consecutive weak sale): 3.280% high yield vs. 3.260% WI; 2.48x bid-to-cover vs. 2.69x last month. Indirect take-up: recede to 61.86% vs. 77.86% in May; Direct take-up: climbs to 20.41% vs. 15.76%; Primary dealer take-up: rebounds to 17.73% vs. last moth's record low of 6.38%.
• Focus turns to Wed's data calendar: GDP (-1.5% est), PCE (3.1% est) and Fed speakers at ECB Forum including: Fed Chair Powell joined by ECBs Lagarde, BoE Bailey, BIS Carstens at ECB Forum in Sintra.