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Stocks Settle Lower as Yields Prove Unsettling

EQUITIES
  • After starting the session on a more solid footing, equity markets deteriorated into the close as a sharp dip lower in US Treasury yields unsettled indices. The reversal back below 1.30% for the 10yr prompted a wave of risk-off across US markets as well as commodity prices, which pressed the e-mini S&P into negative territory just ahead of the close.
  • The real estate and healthcare sectors led losses, with financials and materials the sole sectors to trade with gains.Another session of lower lows keeps the VIX supported, although the index ebbed off the week's best levels as futures stabilised.

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