Day Traders Diary

6/4/20

The major averages are pulling back for the first time this week after a torrid start to the month of June. The Dow Jones Industrial Average is down 100 points even as Boeing continues its' rebound up 5%. The S&P 500 and Nasdaq are both down half a percent.

Even with the pullback, many stocks and sectors are in the green. The financials continue their rebound with the big banks up half a percent or more. Interest rates are creeping higher hurting the real estate and utility sectors.

Europe, the ECB recently left rates unchanged, as expected, and increased its pandemic emergency purchase program by EUR600 billion to a total of EUR1.350 trillion. Germany agreed to a EUR130 billion fiscal stimulus that will include a reduction in the value-added tax. The Europe Stoxx 600 is currently down 0.5%.

U.S. Treasuries trade near their flat lines after yesterday's retreat. The 2-yr yield is flat at 0.19%, and the 10-yr yield is down one basis point to 0.75%. The U.S. Dollar Index is little changed at 97.32. WTI crude is down 1.4%, or $0.56, to $36.76/bbl.