Bond Market Update

Stocks feeling fortified

• The stock market is holding up well today, fortified by sizable gains in some of its biggest stocks. The Vanguard Mega-Cap Growth ETF (MGK) is up 0.9%. The market cap-weighted S&P 500 is up 0.4% compared to a 0.1% gain for the equal-weighted S&P 500. The Nasdaq Composite is up 1.1%, leaving it up 34.3% for the year.
• Treasuries have settled into a tight range with yields little changed from Friday's settlement after coughing up some overnight gains.
• Economic data today has been a market mover, and it is likely to be a market mover again tomorrow with the November Retail Sales and Industrial Production reports highlighting the calendar, which also inckudes October Business Inventories and the December NAHB Housing Market Index.
• Yield check:
  • 2-yr: unch at 4.24%
  • 3-yr: unch at 4.22%
  • 5-yr: unch at 4.25%
  • 10-yr: unch at 4.40%
  • 30-yr: -1 bp to 4.61%