US stocks move into negative territory after refunding levels surge

The refunding announcement was supposed to show a dip from the prior estimates. Instead the refunding needs increased by 20%. Yikes.

Bond yields have moved off low levels on the day, but still are negative on the day with the:

• two year yield at 4.970%, -2.3 basis points
• 5-year yield at 4.649%, -4.2 basis points
• 10 year yield 4.65%, -4.3 basis points
• 30-year yield 4.749%, -3.2 basis points

the bigger reaction is in the stock market where the broader S&P and NASDAQ indices are now negative on a day. The Dow Industrial Average averages unchanged:

• S&P index -6.37 points or -0.12% at 5093.81
• NASDAQ index -25.23 points or -0.17% at 15900.13

The USD is a little higher but still well off the highs for the day.

This article was written by Greg Michalowski at www.forexlive.com.