US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday's strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting. Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day with a new ATH for the S&P 500...
's big AI announcement at its WWDC was a bit of a flop... Source Bloomberg For some context... MAG7 stocks went sideways again admittedly at record highs... Source Bloomberg Treasury yields modestly extended Friday's payrolls spike higher with the long-end underperforming 30Y 4bps, 2Y unch on the day which eft the yield curve 2s30s unch from pre-payrolls... Source Bloomberg The dollar ended marginally higher, but gave back most of the day's overnight gains during the US day session..
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