U.S. stock futures suggest a flat opening to the North American trading day, but all isn't calm this morning, as U.S. 10-year Treasury yields rose overnight to their highest level again in more than two years.
The bond market is increasingly pricing in the commencement of the Federal Reserve's tapering of its quantitative easing measures as soon as next month. The yield rose as much as 2.873 per cent overnight after closing Friday at 2.824 per cent, its highest since July 2011. The yield has now risen more than 75 per cent since mid-May, putting upward pressure on long-term mortgage rates in the United States and hindering the performance of income-producing securities such as real estate investment trusts in Canada.Report Typo/Error
- S&P 500 INDEX2,468.14-4.40(-0.18%)
- Dow Jones Industrials21,536.42-43.65(-0.20%)
- S&P/TSX Composite15,101.43-81.70(-0.54%)
- SPDR Gold Trust$119.44+0.18(+0.15%)
- Copper High Grade Front Month Futures$2.72+0.01(+0.33%)
- Crude Oil Front Month Futures$46.18+0.41(+0.90%)
- BlackBerry Ltd$12.52-0.05(-0.40%)
- Intel Corp$34.79+0.06(+0.17%)
- Updated July 24 9:43 AM CDT. Delayed by at least 15 minutes.