Knocking on 3%

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.

 

4 thoughts on “Knocking on 3%”

  1. Possibly because interest rates are gradually edging higher, the new 6% BOFA (BKAPP) issues have been trading around par.

    1. I jumped on that issue first thing this morning. Love to have that investment grade puppy right at par!

      My ute’s got crushed today – every single one of the 7 I own the common of. Ouch. They will probably be up tomorrow, just as much as they were down today. They’ve been girating around like this for awhile.

      1. GW, I wanted to thank you for a comment you made a week or so ago regarding Merrill Edge. I took a look at their platform, talked to a local representative and long story short, I am in the process of transferring a couple of qualified accounts over to them.

        Free trades, access to the equities that Fido keeps on their “restricted” list and…they’re paying a bonus of up to $600 depending on the size of the account opened. Its hard to beat that deal…thanks again!

        1. Outstanding! Make sure that you apply for and get your “Safepass” from them. It’s a little credit card looking thingy that you press a button on to get a security code that you’ll need to enter into the website when placing orders for some of the more illiquid securities. I don’t use mine a lot, but unless you have it, you can’t place orders for some stuff.

          Otherwise, glad to have you onboard! I think you’ll be pleased, especially with the free trades and the bonus $$, if you qualify.

          I don’t even think of other brokers now as I’ve been happy with MEdge for 4 years or so.

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