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Risk-Off Tone Cools, Techs & Retailers Bounce

US TSYS
Bonds lead the carry-over risk-on rally early Thursday, 30YY falling below 3% to 2.9723% low, curves bull flattening with 2s10s falling to 18.454 low, 5s10s inverting to -2.059 low after the open.
  • Better buying across the curve after weekly claims climbs 218k vs. 200k est, Philly Fed 2.6 vs. 15.0 est.
  • Early carry-over weakness in stocks as supply shocks and operation costs still hitting large retailers: Kohl's fell -11.0% after earnings miss, profit guidance cut -- but managed to rebound 4.3% in late trade.
  • Rates see-sawed off highs through the second half as major indexes held mildly weaker levels for the most part in late trade, Nasdaq outperforming as tech and large retailer companies stage a rebound while Industrials underperform. Earnings after the close: Ross Stores (RSS) and Applied Materials (AMAT).
  • Two-way trade ahead Fri's June option expiration and June/Sep rolling saw volumes surge, particularly in 5s (FVM/FVU lead w/ over 170k late) and 10s (TYM/TYU over 112k after the bell).
  • Cross-asset update: Gold surged (+26.05 at 1842.65), crude bounced (WTI +2.26 at 111.85) and US$ index fell by roughly 1%.
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