• Wall Street equities settled mixed on July 11, with the DJIA rose by +0.08%, the S&P 500 slid by -0.88% and the Nasdaq closed down by -1.95%.
• Stock indexes diverged on Thursday, with the DJI reaching a 7-week high and the Nasdaq falling to a 1-week low. The broader market was weighed down as a shift away from mega-cap tech stocks pushed the S&P 500 off its new record high.
• The 10-yr UST yields fell by -8.0 bps to 4.20%, while the 2-yr yields dipped by -12.0 bps to 4.50%. Treasury yields tumbled on Thursday as weaker inflation data strengthened expectations of a forthcoming interest rate cut.
• The US June CPI dropped to +3.0% YoY from +3.3% YoY in May, exceeding the expected +3.1%. The June core CPI also decreased to a three-year low of +3.3% YoY from +3.4% YoY in May, surpassing expectations of remaining at +3.4% YoY.
• US weekly initial unemployment claims fell by 17,000 to a six-week low of 222,000, beating expectations of 235,000. Continuing claims unexpectedly dropped by 4,000 to 1.852 million, against an anticipated rise to 1.860 million, indicating a stronger labor market.
• Meanwhile, in Europe, the British economy experienced a +0.4% MoM growth in May 2024, following a period of stagnation in April, and surpassing the expected +0.2% rise.
• Global bond yields were mixed on Thursday: the 10-yr German bund yield fell by -7.0 bps to 2.46%, the 10-yr UK gilt yield fell by -5.2 bps to 4.07%, and the Japanese 10-yr JGB yield grew by +0.5 bps to 1.09%.
