Key Takeaways with Craig
US Equity markets came out of the gate strong but gave up most of the gains by late morning. Prices fluctuated throughout the afternoon and wound up a bit higher. Nasdaq prices slightly outperformed the other major indexes despite the fact that US Treasury yields were also higher. According to CME’s Micro Treasury Yield futures prices, we saw the following increases in yield:
- Micro 2-Year Treasury Yield: +4.5 basis points
- Micro 5-Year Treasury Yield: +9.3 basis points
- Micro 10-Year Treasury Yield: +8.3 basis points
- Micro 30-Year Treasury Yield: +7.5 basis points
The difference between the 2 and 10-Year Yields, according to the Micro Treasury futures contracts is at about 25 basis points.
Natural Gas futures prices rose again today, up almost 10% in late afternoon action. We used QuikStrike to graph 10 years of Natural Gas price and volatility data. As you can see in the orange line, Nat Gas prices are at 10-year highs and, while volatility has been higher recently, it continues to trade at elevated levels relative to historical norms.
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