Reply #17: Market Numbers at 11:08 EST and blather

[UpInArms]

Dow 10,258.08 +62.17 (+0.61%)
Nasdaq 1,986.79 +26.53 (+1.35%)
S&P 500 1,124.60 +7.96 (+0.71%)
10-Yr Bond 4.749% +0.037

11:00AM: Equities continue to trade just off their highs of the morning - albeit ones set within the first 10 minutes of trading... The indices have not moved meaningfully higher since then, but at the same time, their ability to retain those gains speaks to the lack of concerted selling in the market... Investors have taken comfort in a number of strong fundamental developments this morning (Intel's guidance, the May employment report, the decline in crude oil prices), temporarily putting aside their fears about the heightened interest rate environment...

Briefing.com believes the investing environment may be shifting away from a fear of rising interest rates, to an acknowledgement that many of the developments within the economy and corporate America are positive... For more information on this, be sure to visit Page One... NYSE Adv/Dec 1936/965, Nasdaq Adv/Dec 1866/882

10:30AM: The broader market edges slightly higher as the majority of sectors remain in the green... Retail, biotech, transportation, drug, financial, and tech are all trading comfortably above the unchanged mark, with the only notable laggards being homebuilding and energy (the latter off the continued decline in the price of crude oil)... The bond market has posted losses across the yield curve following the impressive May employment reports and the implications it carries for a Fed tightening...

The Fed fund futures now price in a 54% probability of a 50 basis point increase, and an over 100% probability for a 25 basis point rise, at the FOMC's next meeting June 30th...NYSE Adv/Dec 1899/857, Nasdaq Adv/Dec 1720/895