Volatility seems to be creeping back into the stock markets. Perhaps it has something to do with the volatility in the bond markets.
First the scoreboard:
Dow: 15,316, -92.2 pts, -0.6%
S&P 500: 1,651, -8.4 pts, -0.5%
NASDAQ: 3,474, -14.7 pts, -0.4%
And now the top stories:
- There was no major market moving economic data today. But the bond markets are moving. The 10-Year Treasury yield surged to as a high as 2.23% this morning, before sliding back to 2.12% this afternoon. Trading volumes are at record highs.
- The sell-off in Treasuries has been going on for most of this month. It’s worth mentioning that tech behemoth Apple had a massive bond sale while interest rates were near the lows. This could go down as one of the most perfectly timed corporate refinancings in history.
- Smithfield Farms, the U.S. pork producer and maker of hams, is getting acquired by Shuanghui International. Investors will be getting $34 per share, which is around 30% higher than yesterday’s closing price. “This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture,” said CEO Larry Pope.
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