Bond Market Update

Stocks and Bonds

• Treasuries have given back a chunk of their overnight gains in the cash session. Those gains had been fueled in part by indications for a relatively weak start for stocks and lower oil prices. Stocks, however, have shown resilience yet again to selling pressure (the SOX Index is up 4.00%), while oil prices (WTI -0.3% to $91.90) have climbed off their lows.
• The JOLTS - Job Openings Report for April was better than expected, showing a healthy pickup in job openings (7.618 mln) versus the prior month (6.887 mln).
• The JOLTS data is a good sign for the labor market and should help mitigate for now some of the job destruction fears surrounding AI.
• Yield check:
  • 2-yr: -1 bp to 4.04%
  • 3-yr: -2 bps to 4.08%
  • 5-yr: -2 bps to 4.17%
  • 10-yr: -3 bps to 4.45%
  • 30-yr: -3 bps to 4.96%