Markets Leaking Oil to Start the Week

Treasuries and equities are both starting the week weakly as market prices slip in early trading. This morning’s only data point so far was the announcement by the New York Fed that its Empire Manufacturing Index fell to 24.3 this month from 26.3. A greater slip to 23.9 was expected by analysts. A little later, the National Association of Home Builders is expected to report that its Housing Market Index may have dipped to 82 in May from April’s 83.

Treasury prices are slightly lower with yields little changed from Friday’s close. The Long Bond is trading around 2.35% with the Ten-Year at 1.63% while the Two-Year sits at 15 basis points. Crude oil is off slightly to $64.92 while gold has rallied $4 to $1,847. Equity futures suggest an opening in the red.