The major US stock indices are rebounding in trading today on hopes that there will be a debt deal. Pres. Biden and congressional leaders met yesterday at the White House with somewhat positive comments that a deal could be hashed out. House Majority Leader McCarthy said this morning that we have a structure to find a way to a conclusion. A snapshot of the futures are implying:
- Dow industrial average up 167 points after yesterday's -336.46 point decline
- S&P index up 17.75 points after yesterday's -26.3 a point decline
- NASDAQ index up 38 points after yesterday's -22.16 point decline
in the US at that market, yields are mixed now with the two-year up in the longer end still down on a day:
- 2 year yield 4.086% +1.3 basis points
- 5 year yield 3.518% -0.3 basis points
- 10 year yield 3.528% -2.1 basis points
- 30 year yield 3.846% -2.6 basis points
Crude oil is trading up around $0.80 at $71.68. The EIA weekly inventory data will be released at 10:30 AM with crude stocks expecting to show a decline of -0.920 million barrels. Gasoline stocks are expected to show a drawdown of -1.060 million.
The private data released late yesterday showed a surprising build of 3.69M in crude. Gasoline stocks saw a good unexpected draw however of -2.46M.
