Treasury yields tick up following tepid bond sales

investmentnews.com:

Treasuries fell and stocks churned after a pair of weak US bond sales, with traders also weighing mixed economic data and remarks from Federal Reserve speakers that will help shape the outlook for rates.

Just a few days before the Fed’s favorite price gauge, a report showed US consumer confidence unexpectedly rose in May — though recession expectations increased as well. Investors also waded through remarks from Fed Bank of Minneapolis President Neel Kashkari, who said the policy stance is restrictive, but officials haven’t entirely ruled out additional rate hikes.

“It may be short week, but it looks to be a busy one,” said Chris Larkin at E*Trade from Morgan Stanley. “With last week’s FOMC minutes sounding a hawkish tone, traders will be eager to see cool data that could make it easier for the Fed to cut rates.”

As Wall Street returned from the holiday weekend, the “T+1” rule came into effect — making US equities settle in one day rather than two.

Treasury 10-year yields advanced six basis points to 4.52%. The S&P 500 hovered near 5,300. The Nasdaq 100 headed toward a fresh record. Nvidia Corp. rallied after the Information reported that Elon Musk has indicated that its artificial intelligence startup xAI — which has raised $6 billion — will use the chipmaker’s H100 graphics processing units.

Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange. Oil advanced as tensions flared in the Middle East.

Corporate Highlights:

Key events this week:

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities