Stocks Are Rallying After Good Economic Data, And Gold Is Getting Slammed

At 8:30 AM, we got a weekly report on initial jobless claims and an advance retail sales report for May, and both beat consensus expectations.

Following the releases, stocks are rallying, and the dollar is surging against the yen.

Meanwhile, gold and Treasuries are getting slammed.

S&P 500 futures are trading at 1613, up 0.2%, versus levels around 1605 prior to the release.

The dollar-yen exchange rate is ¥94.54 versus levels around ¥94 before the reports.

Gold is at $1377 an ounce, down 1.1%.

The yield on the 10-year Treasury is still 1 basis point lower, at 2.22%, but it’s rising following the reports.

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