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QT (Quantitative Tightening) on Deck this Week

Daily Recap

Today was another "boring" day as major averages inched higher, setting new record highs yet again. The Industrials climbed 63 points to 22,331, while the Nasdaq gained 0.10% and the S&P 500 rose 0.15%. Action was led higher by the Financials, which climbed over one percent in response to higher rates.


Overseas markets shared a similar story, as just about every single major index in both Europe, Asia, and the Americas was in the green. The Stoxx 600, Europe Dow, and Asia Dow were all up roughly one third of one percent; the Global Dow climbed 0.16%.


Bonds in the U.S. sold off across all maturities, as the 10-year note's yield climbed to 2.23%. In the equity market we saw similar action in the Utilities (used as bond proxies), which fell by over 1%. The dollar seemed to like higher rates and its index was up 0.19%, again hovering around the 92 mark.


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