Market Talk - Wednesday, May 19

President Biden specifically mentioned China and Russia being a potential “threat” in the future while addressing the United States Coast Guard Academy. The president mentioned that it’s a “vital interest” to keep the seas safe to ensure trade is undisrupted. “When nations try to game the system or tip the rules in their favor, it throws everything off balance. That’s why we are so adamant that these areas of the world that are the arteries of trade and shipping remain peaceful, whether that’s the South China Sea, the Arabian Gulf, and, increasingly, the Arctic,” Biden stated.

US Market Closings:

  • Dow declined 164.62 points or -0.48% to 33,896.04
  • S&P 500 declined 12.15 points or -0.29% to 4,115.68
  • Nasdaq declined 3.9 points or -0.03% to 13,299.74
  • Russell 2000 declined 17.24 points or -0.78% to 2,193.64

Canada Market Closings:

  • TSX Composite declined 90.02 or -0.46% to 19,417.03
  • TSX 60 declined 5.39 points or -0.46% to 1,162.69

Brazil Market Closing:

  • Bovespa declined 343.66 points or -0.28% to 122,636.3

ENERGY:

The oil markets had a negative day today:

  • Crude Oil decreased 2.29 USD/BBL or -3.50% to 63.2000
  • Brent decreased 2.22 USD/BBL or -3.23% to 66.4900
  • Natural gas decreased 0.041 USD/MMBtu or -1.36% to 2.9710
  • Gasoline decreased 0.0681 USD/GAL or -3.15% to 2.0928
  • Heating oil decreased 0.0551 USD/GAL or -2.68% to 2.0013
  • Top commodity gainers: Lumber (4.98%), Coffee (2.62%), Corn (0.42%) and Lean Hogs (0.43%)
  • Top commodity losers: Copper (-3.54%), Brent (-3.23%), Gasoline (-3.15%), and Crude Oil (-3.50%)

The above data was collected around 15:05 EST on Wednesday.

BONDS:

Japan 0.0770%(-0bp), US 2’s 0.16%(+0.008%), US 10’s 1.6881%(+4.61bps); US 30’s 2.3933%(+0.03%), Bunds -0.106% (+0bp), France 0.291% (+0bp), Italy 1.1171% (+1.06bp), Turkey 17.42% (-3bp), Greece 1.082% (+1bp), Portugal 0.64% (+3.6bp); Spain 0.633% (+2.35bp) and UK Gilts 0.854% (-1bp).

  • US 20-Year Bond Auction increased from 2.144% to 2.286%
  • German 10-Year Bund Auction increased from -0.250% to -0.090%
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Disclosure: None.

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