real-time news and commentary for investors
Friday, Aug 16
Stocks drift lower as Treasury yields touch fresh two-year highs
- Market recap: Stocks again took their cue from surging bond yields, muddling through a choppy session before finishing mostly lower, with the S&P and Dow completing their worst week of the year.
- Yields on longer-term Treasurys shot to new two-year highs, with the benchmark 10-year note touching 2.829%; aggressive steepening took place along the yield curve as the 2-10-year spread widened to 248 bps.
- Home builders showed indications of a buy-the-dip mentality, as shares rose amid reasonably healthy but in-line data on housing starts and building permits.
- Commodities ended a volatile week with crude oil and gold closing nearly 5% higher on the week and silver surging 14%.