All day long the 10 year treasury yield has been trading around 2.98% which is up 3 basis points from yesterdays close. The only news of substance seems to be the JOLT (job openings and labor turnover) report from earlier today. This report showed almost a 1/2 million more job openings than expected, which would imply more potential pressure on wages in the months ahead.
This little move higher in rates is sending REITs a bit lower. REITs have been strong in the last couple of weeks with the entire sector up about 5%–so honestly it needs a bit of a breather. Utilities have moved lower today by a full 2% as they continue just barely above their 52 week low.
No other income securities, preferred stocks or baby bonds, are moving beyond the normal +/- 1% (normal noise).
We do note that Trump just finished his “pull out” speech on the Iranian nuclear deal and there was little reaction excepting the oil market which headed higher on the potential that Iran will not be able to sell their oil. This is silly–they will sell the oil and the long term affect on markets is very small.