10-Year T-Note Jun '13 (ZNM13)

The S&P 500 Index ($SPX) (SPY) is up +0.57%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.22%.  September E-mini S&P futures (ESU26) are up +0.58%, and September E-mini Nasdaq futures (NQU26) are up +1.22%.

Stocks are seeing support as today’s favorable PPI report caused a -7 bp decline in the 10-year T-note yield and a drop in expectations for a Fed rate hike to 35% from 40% on Wednesday.  Stocks are also seeing support from today’s drop of more than -1% in crude oil prices, amid a lack of reports of fresh US or Iranian attacks in the Persian Gulf. 

US tech stocks were undercut today by a -8% drop in Cisco Systems after disappointing guidance, and a drop of more than -13% in Cerebras Systems (CBRS) due to a decline in sales at its hardware business.  US tech stocks have some carry-over support from an overnight +3.6% rally in the South Korean Kospi index, driven in part by a more than +5% rally in Samsung E... Read more