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Global Policy Uncertainty

Daily Recap

U.S. stocks swung between gains and losses today, but the real action was in the bond market. An extended selloff in Treasuries caused the yield on the 10-year note to settle at 1.84%, it's highest level in almost five months. It seems that investors are more seriously pricing in the prospect of inflation.


Weekly jobless claims came in low, as expected, while durable goods declined in September amidst expectations for a rise. The pending home sales index surprised on the upside, up 1.5%


At the end of the day, the Industrials are down 30 points with the Nasdaq and S&P down 0.65% and 0.3% respectively. In Europe the Stoxx 600 fell 0.01%, with larger losses across most of Asia.


The dollar rose again, up 0.3% against a basket of currencies. This didn't harm gold, which rose $3. Silver ended the day up a penny and platinum closed up a buck. The miners were down about 1.4%



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