First the scoreboard: DOW: 15,186.00+190.77, +1.27% S&P500: 1,637.00, +24.48, +1.52% NASDAQ: 3,447.80, +47.38, +1.39%
- The day started off with the Nikkei crashing an unreal -6.35%. That officially put Japanese stocks in a bear market. Slate’s Matt Yglesias explained how this happened: the Bank of Japan hasn’t demonstrated commitment to its mega easing plan, and the market sensed weakness.
- Despite the move, Nomura raised its year-end price target for the Nikkei to 18,000 from 16,000, arguing Abenomics has not been defeated yet.
- The 30-year Treasury auction tailed — meaning the at-auction yield was higher than the when-issued yield, which really means demand for 30-years was weak. Bonds sold off on the news.
- The Wall Street Journal’s Jon Hilsenrath said he expects the Fed to strike a dovish tone next week, which helped gold, stocks, and bonds rally at the end of the day.
- Initial jobless claims beat expectations, falling to 334,000 versus 350,000 expected. It’s the lowest tick in nearly five years.
- Retail sales edged higher by 0.6% in May, beating the +0.4% consensus.
- BONUS: Here’s Joe Weisenthal’s interview with Glenn Hubbard on Washington and the markets.
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