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Weaker, But Off Second Half Lows

US STOCKS
SPX eminis well off first half highs (ESH2 4419.0) are attempting to rebound off session lows following the $53B 7Y note auction (small stop: 1.769% high yld vs. 1.770^% WI).
  • Top 3 underperforming sectors: Consumer/Discretionary (-1.71%, autos weaker on back of ongoing supply chain issues), Real Estate (-1.59%) and Industrials (-1.34%).
  • Technical trigger? Some desks were watching the 7s10s yld curve closely as around the auction, suggesting an inversion would trigger better selling in stocks as 7s were seen as oversubscribed while the street has been a better seller of 10s vs. equities the last few sessions. Whether that works or not, 7s10s are off lows 1.815 to 2.975 at the moment, while eminis coming under pressure again, 4315.0 last.
  • Desks also keeping eye out for more earnings releases.
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