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Strategies & Market Trends : Market Trends & Market Chatter (Investment Ideas)
TIGR 10.78+2.8%Oct 31 9:30 AM EDT
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From: Ms. Baby Boomer6/14/2022 11:14:52 AM
1 Recommendation

Recommended By
rdkflorida2

   of 4369
 
Early rebound runs into challenges...

[BRIEFING.COM]

The stock market has found it challenging to sustain its opening rebound effort, as rising Treasury yields and rising oil prices have acted as headwinds.

A steady round of selling interest that began shortly after 10:00 a.m. ET culminated in a move to a new 52-week low for the S&P 500 (3731.13) a short time ago. That brought out some buyers, but the overall action is uninspired relative to the selling that has taken place since the early part of last week.

Currently, the 2-yr note yield is up nine basis points to 3.36% while the 10-yr note yield is up two basis points to 3.39% as market participants adjust to the prospect of the Fed needing to be more aggressive with its rate-hike plans. WTI crude futures, meanwhile, are up 2.2% to $123.62/bbl.

The energy sector (+2.7%) appears to be swayed more by that move than the material decline in natural gas futures ($7.19/mmbtu, -1.42, -16.3%), which is a byproduct of anxiousness about supply building up after a fire at a Freeport LNG facility in Texas last week interrupted the transfer of LNG from storage tanks to dock facilities....

M
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