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US 10y Yields, Equities Slip Further On Soft Consumer Data

EQUITIES
  • Pullback in equity markets continues apace, with the e-mini S&P backtracking to touch weekly lows of 4123.50 and the lowest level since Apr13. 4110.25 marks the next intraday support.
  • Earnings remain the underlying driver, with the weakest performers today all reporting pre-market today/after-market yesterday (First Republic, GE HealthCare, UPS and Northern Trust are the worst performers).
  • Equity weakness mirrored in the pullback for the US10y yield, which has shed close to 2.5bps on the weaker consumer confidence and Richmond Fed releases.

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