Week Begins With Risk-On

Coming off a three-day weekend and despite rising infection numbers, investors have begun this week by buying stocks and selling bonds. DJIA futures point to an extremely strong opening while the Treasury market is looking at a modest sell-off.

Today’s only data releases come a little later this morning when both Markit Service and the Institute of Supply Management will report their June PMI’s for the Services sector. Markit is looking for its Services PMI to improve almost imperceptibly to 46.9 from 46.7; still in contraction, while ISM’s measure is looking to regain growth territory with an expected move to 50.5 from 45.4.

With markets soon to open, the Treasury’s Ten-Year has given up about a quarter-point in price and that has pushed its yield up to just shy of 0.7% with crude oil little changed at around $40.60. Gold is up almost $12 to $1,783.