The global rout in Treasuries eased a bit today as the focus turned to stocks. European indexes were trading in the red when the US market opened. The benchmark S&P 500 plunged at the 9:30 bell, struggled for an hour or so and then resumed its downward trend to a narrow afternoon trading range. It closed the session with a -0.86% loss. There is clearly some tension in the equity markets in advance of tomorrow's avalanche of employment data for May.
As for the breather in Treasuries, the yield on the 10-year note closed at 2.31%, down 7 bps from yesterday's close.
Here is a 15-minute chart of the past five sessions.
Today's selloff came on average volume. We can see that the index ended the day slightly below its 50-day moving average.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
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