Markets are falling further into the red in late afternoon trading.
The Dow and S&P 500 are down by around 0.5%.
There doesn’t seem to be an obvious catalyst for the acceleration.
It’s worth noting that both indices saw all-time intraday highs yesterday.
What’s particularly interesting is the rally in Treasury securities, which has sent the 10-year note yield to as low as 2.5231%.
Most folks on Wall Street have been predicting that yields would rise as bond prices fall. Then again, shorting Treasuries has also been one of the most crowded trades in the market, notes Stifel Nicolaus’ Dave Lutz. In other words, so many folks were betting against Treasuries that it would take much to make prices rise.
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