The Fuse
Equity futures are ripping higher this morning, pulling back up from the losses on Tuesday. Today’s move is buoyed by strength in Google and Apple, the former had a positive result in a landmark monopoly case. Futures are up but not quite covering the losses yet, industrials and small caps are slightly lower.
Interest Rates are again creeping higher a bit after yesterday’s bond rout. Following some days off it seems bond traders are not too keen into taking risk before the August jobs report. If it comes in strong we could see more bond selling hit and rates move substantially higher. High yield fell sharply yesterday off all-time highs, fed futures still see a 91% chance of a cut in September but only 50/50 for October. This is the number to watch closely.
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