Eurodollar Futures Market News and Commentary
The S&P 500 Index ($SPX) on Friday closed up +1.01%, the Dow Jones Industrials Index ($DOWI) closed up +0.68%, and the Nasdaq 100 Index ($IUXX) closed up +1.15%. All three indexes posted new all-time highs. Stellar Q2 earnings results pushed stocks higher Friday, as more than 87% of reporting S&P 500 companies have beaten expectations. Strength in technology stocks also propelled the overall market higher Friday as the big-name companies of Alphabet and Facebook climbed to new record highs.
Sep T-notes (ZNU21) on Friday closed down -3.5 ticks, and the 10-year T-note yield rose +0.8 bp to 1.286%. T-notes fell back Friday on signs of strength in U.S. manufacturing activity along with a rally in the S&P 500 to a new record high, which reduced the safe-haven demand of T-notes. Higher 10-year German bund yields were another negative factor for T-notes. The 10-year German bund yield rose +0.6 bp to -0.420% after the Eurozone Jul Markit composite PMI rose +1.1 to 60.6, stronger... Read more