Here comes one of the biggest market weeks of the summer.
, which was falling Monday on fears the delta variant of Covid could slow global growth. The yield hit a low of 1.12% early Tuesday before reversing. As the benchmark yield rose, stocks rallied.
Communications services, which includes internet names, was the best performing sector in the past week with a 3.2% gain. Tech was also strong, up 2.8%. Consumer discretionary was also a top sector, up 2.9%. Cyclical industrials and material lagged with fractional gains, and energy was slightly lower.
"Some things are priced for perfection and some aren't," he said. "Microsoft is already at an all-time high. It's priced for perfection. It will be interesting to see if Apple can hold and stay above $150." Apple closed at $148.56 per share Friday.Ben Jeffery, U.S. rates strategist at BMO, said Treasury yields could find a catalyst in the Fed. He expects the 10-year to begin moving down again, and says it could possibly touch a low of 1.10%. The 10-year was at 1.
The Fed is expected to announce that it is officially talking about winding down the program well before it actually starts. Many Fed watchers believe that guidance will come in late August, at the central bank's Jackson Hole symposium, or later in the fall.
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