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Stocks Pop and Drop as Bond Yields Explode


Today's financial recap and tomorrow's financial outlook.

Markets were all over the place Monday following Friday's NFP-driven spike higher.

After an early rally, the S&P 500 ended down 0.5%, lead by an aggressive sell-off in energy stocks as investors continue to take profits following Wednesday's near-term peak. Oil prices were fractionally lower today.

The NASDAQ was also down, but outperformed despite a 1% dip in Apple (AAPL) as biotech held steady.

The NASDAQ Biotechnology ETF (IBB) rose slighty on strong earnings from Actavis (ACT). Meanwhile, the SPDR S&P Biotech ETF (XBI) rose an impressive 0.7%

The Russell 2000 also managed to finish slightly green in the face of the S&P's weakness.

Noble Energy (NBI) announced a $2.1 billion merger with Rosetta Ressources (ROSE) this morning. Noble fell 6.2% while Rosetta rose 27.2%.

Netflix (NFLX) hit a new all-time high of $594.00 today, with the stock finishing at $590.24, up 2.7%.

Tesla (TSLA) also performed well today, closing up 1.2%.

Fried chicken chain Bojangles (BOJA) was up 4.7% after posting a huge gain on its Friday IPO.

San Francisco Fed President Williams stated today that Fed policy remains data-dependent, and that US growth should bounce back in Q2. He also said rate hikes could come at any meeting.

US Treasury yields spiked today ahead of the sale of $64 billion in new debt this week. The 10-year yield rose over 11 bps to 2.265%.

Euro bond yields also rose sharply today, just weeks after the 10-year German bund nearly went negative.

Greek officials said the government executed its orders to repay 750 million euros to the IMF this week.

Chinese markets soared today after the PBOC announced that it cut its one-year lending and deposit rates by 25 basis points.

The Shanghai Composite rallied 3.0%, and the Shenzen finished up 4.5%.

Tuesday's Financial Outlook

In US economic data, we have NFIB Small Business Optimis , JOLTS Job Openings , the DOE's oils report, and the Monthly Budget Statement on tap for tomorrow.

In overseas economic news we have the EU's Economic & Financial Affairs Council Meeting in Brussels, Britian's manufacturing production numbers and NIESR GDP Estimate, and Japan's Bank Lending and Trade Balance reports.

Earnings season is winding down quickly, but tomorrow, we will see numbers from  Aecom (AACM), Arcos Dorados (ARCO), EnCana (ECA), Leidos (LDOS), and McKesson (MCK)
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