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If you were banking on another turnaround Tuesday following Monday’s declines, it’s not looking that way as of now. A lot can change between now and the close, or for that matter, the open, so we’ll see how it plays out. In earnings news, there hasn’t been much to speak of, which was expected, and investors are generally taking a risk-off approach, sending the VIX back up towards the high 40s.
Read today’s Bespoke Morning Lineup for a discussion of the latest moves in the crude oil market, major earnings releases, the latest trends in the COVD-19 outbreak, and other stock-specific news of note.
The yield on the 10-year US Treasury is down 5 basis points (bps) this morning to a yield of just 0.55%. While that is nowhere near the recent low of 31 bps from early March, on a closing basis, it’s close to new lows. As shown in the chart below, the only day that the yield was lower on a closing basis was on 3/9 when it finished the day at 54 bps- a level that’s certainly within striking distance. In a world where treasury yields are near record lows and crude oil is up over 90% on the day (sort of) and still at negative levels, it’s understandable that the equity market would be under pressure.