Daily Market Color

Stocks and Yields Quietly End 2Q

S&P marks second-best first-half in over 20 years while rates steady

The second quarter came to end with the S&P notching its second best first-half start since 1998. Strong economic data stemming from home sales and job growth was tempered by news that the highly contagious Delta COVID variant is spreading quickly through parts of Europe. Swap rates and yields traded in a narrow range throughout the day eventually closing flat across the curve. The 10yr UST yield closed at 1.47%.

U.S. private payrolls beat expectations

The labor market showed continued signs of improvement in June, with U.S. private payrolls adding 692,000 jobs in June, beating expectations of 600,000. Leisure and hospitality jobs led the growth as more states rollback COVID restrictions. The growth was slightly muted by a downward revision of May’s job data.

May pending home sales increase most in a year

Increased listings and low mortgage rates drove May home sales to the highest in a year. Pending home sales increased 8% MoM in May, while economists were expecting a decline of 1%. All U.S. regions saw increases during May, as YoY pending sales were up 14%.

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