5-Year T-Note Futures Market News and Commentary
The S&P 500 Index ($SPX) on Thursday closed up +0.42%, the Dow Jones Industrials Index ($DOWI) closed up +0.44%, and the Nasdaq 100 Index ($IUXX) closed up +0.20%. U.S. stock indexes on Thursday closed moderately higher, with the S&P 50 and Dow Jones Industrials posting new record highs. Stocks moved higher Thursday after U.S. Q2 GDP data showed stronger-than-expected consumer spending, although the overall GDP figure was below expectations. Stocks also had carry-over support from Wednesday’s comments from Fed Chair Powell, who signaled the Fed is in no hurry to reduce stimulus.
Sep T-notes (ZNU21) on Thursday closed down -1.5 ticks, and the 10-year T-note yield rose +0.3 bp to 1.266%. T-notes were under pressure Thursday after a rally in the S&P 50 to a new record high reduced the safe-haven demand for government debt. T-notes remained lower on tepid demand for Thursday’s Treasury auction of $62 billion in 7-year T-notes that had a bid-to-cover ratio of 2.23, weaker than... Read more