Futures down modestly on the S&P but down decently on the NDX. CSCO not helping.
NTES whacked. Others to the downside are PLCE, ACXM, TTWO, JACK. On the upside are BZUN, DDS, WMT, MLNX, WWE.
Yesterday was about RETAIL as a few names moving out of range. NKE, M, URBN,come to mind but also good action in ANF, BBY, COST, GOOS, LULU and others. This is happening while rates go higher and oil prices soar. In fact, now above $72. Yields are above 3.1% on the 10 year. Rates have been moving higher all year. Keep in mind every 10 cents move at the pump over a year’s time is $10 billion out of the pocket of the consumer. The national average gas price is now $2.88.
And to give you an idea where rates were starting the year and where they are now…finally, some relief to the saver but higher costs on loans, mortgages and everything else.
3-Mo: 1.39% –> 1.92%
6-Mo: 1.53% –> 2.09%
1-Yr: 1.76% –> 2.32%
2-Yr: 1.89% –> 2.58%
5-Yr: 2.20% –> 2.76%
10-Yr: 2.40% –> 3.09%
30-Yr: 2.74% –> 3.21%