Junk bond spreads retrace record widening
S&P 500, Nasdaq red; Dow in positive territory
Tech down most among S&P sectors; energy leads gainers
Euro STOXX 600 index essentially flat
Dollar, gold edge higher; crude surges ~2.8%; bitcoin dips
U.S. 10-Year Treasury yield steady at ~3.81%
Adjusts formatting
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JUNK BOND SPREADS RETRACE RECORD WIDENING
Junk bond spreads narrowed to their tightest since July 30 this past Friday, closing at 319 basis points, according to the ICE BofA High-Yield Bond Index .MERH0A0.
Spreads have recovered from a nine-month wide of 393bps hit on Aug. 5, after a global market sell-off caused a rush to the safehaven of U.S. Treasuries following weak employment figures.
Investment-grade credit spreads also blew out to 112bps on Aug. 5, their widest since Dec. 6.
"The real-time indicators of US GDP growth have improved since the weak payroll report, and the inflation data has moderated enough to warrant a Fed rate cut in September," wrote JPMorgan's Nelson Jantzen in a Monday note.
Junk bond spreads have tightened more than investment-grade spreads .MERC0A0 this month on renewed optimism around issuers, said Saira Malik, CIO at Nuveen, in a Monday note, adding that "only a small portion of the debt held by the sector will be maturing in the next few years."
(Matt Tracy)
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MONDAY'S EARLIER LIVE MARKETS POSTS
FED CUTS ARE COMING, BUT HOW BIG? -CLICK HERE
DURABLE GOODS: TRANSPORTATION SAVES THE DAY, CORE CAPITAL ORDERS DISAPPOINT - CLICK HERE
WALL STREET STARTS MIXED AS S&P 500 FLIRTS WITH RECORD CLOSING HIGH - CLICK HERE
JOBS DATA TO DETERMINE SIZE OF SEPTEMBER FED CUT - CLICK HERE
SOFT LANDING MEANS SOFT DOLLAR? NOT SO FAST - CLICK HERE
PRETTY QUIET IN MARKETS - CLICK HERE
THE EUROPEAN STOCKS BULLS MUST BE IN BRITAIN - CLICK HERE
MARKETS REASSURED BY THE POWELL PUT - CLICK HERE
Junk bond spreads over Treasuries https://tmsnrt.rs/3XlJMFv
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