US stock markets traded in a tight range during much of Friday’s session. However, stocks would go on to follow the same downward trend as treasuries later in the session, as speculation heightened over a scale back in Fed bond-buying in coming months, pushing yields to multi-year highs. In specific stocks news, Nordstrom saw losses of around 5% following their earnings miss after-market yesterday. The week has been particularly poor for retailers, with Nordstrom following Walmart and Macy’s disappointing earnings in previous sessions. The sector was a contributing factor towards a negative five days of equity trading, with all three major indices posting firm losses for the week; this is despite a small bounce off lows late on Friday following unfounded rumours that Fed watcher Jon Hilsenrath was due to publish his latest views on the central bank’s policy path. Finally, the DJIA finished down 0.20% at 15082.01, the S&P 500 down 0.33% at 1655.83 and the NASDAQ 100 down 0.08% at 3073.91.
16 Aug 2013 - 23:06 - Fixed Income - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: