- Stocks are hardly in major bounce mode, but the major averages have at least stabilized after plunging to 2018 lows yesterday.
- The S&P 500 is up 0.5%, and the Nasdaq 0.3%. The Dow is higher by 0.7%. Downside leaders like Facebook (NASDAQ:FB), Tesla (NASDAQ:TSLA), and Amazon (NASDAQ:AMZN) are all in the green today.
- With the equity waters looking safer, money is flowing out of Treasury paper, leading to a five basis point rise in the 10-year yield to 2.78%. TLT -0.75%, TBT +1.5%
- In monetary policy news, current San Francisco Fed President John Williams has been named as the replacement for the departing Bill Dudley atop the New York Fed. Williams is a company man, though some in Congress may look to make some noise about the appointment - his San Francisco Fed was responsible for oversight of Wells Fargo (NYSE:WFC) while its myriad malfeasances were taking place, and now Williams will have supervisory power over the Wall Street banks.
- Now read: Sentiment Snapshot: Of 2 Minds
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