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Markets Roundup: Paring Gains as Stocks Pare Losses

US TSY FUTURES
  • Treasury futures remain well bid in late morning trade, but have scaled back from the early data an regional bank related headline highs as stocks are inching off lows. At the moment, Jun'23 10Y futures are at 116-05 (+8) vs. 116-16 high, yield running at 3.3824% vs. 3.3417% low.
  • Projected rate cuts for late 2023 remain stable despite short end support waning. September cumulative -30.7bp at 4.762%, November cumulative -56.1bp at 4.509%, Dec'23 cumulative -81.2 at 4.257%, while Jan'24 cumulative is running at -105.9bp at 4.010%. Fed Terminal currently at 5.07% in Jun'23 this morning.
  • Stocks meanwhile, are drifting off lows: S&P E-Mini Future down 16.75 points (-0.4%) at 4135.75; Nasdaq down 3.7 points (0%) at 12302.74; DJIA down 277.05 points (-0.83%) at 33257.18.
  • Financial sector share have pared morning losses (heavy selling in PacWest after morning 10Q filing spooked markets has bounced) even as FDIC says that protecting uninsured depositors cost $15.8 billion. Meanwhile, Communication Services and Consumer Discretionary sectors are outperforming.

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