Last week seemed to be a key reversal for both bond and stock markets. After reaching historically low levels, Treasury yields moved higher every day while stocks managed to close in positive territory. The yield on the 10 year note closed Friday at 2.09%, and remember, the U.S. bond market is closed today.
U.S. stock markets are open today, and stock futures are pointing to a sharply higher market open. News this weekend that Europe will be helping their largest banks recapitalize and expectations that third quarter earnings will be positive for U.S. companies are supporting the equity markets. If the bond market was open, I expect we would see interest rates moving higher and investors leave the safety of Treasuries and move into higher risk investments.
Although the bond market is closed, HSOA will post pricing and the HSOA lock desk will be open normal hours, closing at 4:00 PM, PT.
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