Dow was off 80, decliners over advancers 3-2 & NAZ went up 33. The MLP index rose 2 to the 292s & the REIT index slid back to the 371s. Junk bond funds were little changed & Treasuries saw selling which increased yields (more below). Oil added 1+ to the 76s & gold slid 5 to 2319.
Related Articles
Dow Jones Industrials
10-year Treasury was up by nearly 4 basis points at 4.465% & the 2-year Treasury yield was last 1 basis point higher at 4.883%. Yields & prices move in opposite directions & 1 basis point equals 0.01%. The Fed will meet tomorrow & Wed, & is widely expected to leave interest rates unchanged at the conclusion of its meeting. The same holds true for the the Jul meeting. Traders were last pricing in a 49% chance of rates being cut in Sep, according to CME Group's FedWatch tool. Investors will, however, be closely following guidance issued by the central bank this week, as well as the post-meeting press conference, scanning them for hints about the outlook for rates & the economy. Also this week, the consumer & producer price index reports for May are set to be published, providing the latest inflation insights. Policymakers have repeatedly said that they are looking for more data evidence to be sure that inflation is easing sustainably toward the 2% target before making interest rate cuts. That has prompted many investors to hope for economic data that signals the economy is cooling.Treasury yields rise as investors look to Fed meeting, inflation data
Moderna’s combination Covid, flu vaccine shows positive late-stage trial data
Abbot (ABT), a Dividend Aristocrat, announced it received approval
from the Food & Drug Administration for 2 new continuous
glucose monitoring systems, including one for people who don't have
diabetes. Both will be available over the counter without a
prescription. A continuous glucose monitor, or a CGM, is a small
sensor that pokes through the skin & tracks a person's glucose levels
in real time. It wirelessly transmits this data to a smartphone. CGMs
are primarily used by patients with diabetes since the tech can help
alert users, their families & their doctors to emergencies. The
market opportunity could be significant for ABT, whose existing CGMs
are already used by around 6M patients across 60 countries. Around 38.4M people are living with diabetes in the
US alone & offering a consumer-facing CGM brings the
technology to an entirely new population. One of its new
systems, Libre Rio, is for patients with Type 2 diabetes who do not take
insulin. Its 2nd system, Lingo, is for consumers trying to improve
their health & wellness. Libre Rio is ABT's first over-the-counter offering for people with
diabetes in the US, though other CGMs within its portfolio have been
available without a prescription in other countries over the last
decade. Libre Rio is designed for Type 2 patients who usually manage
their diabetes with lifestyle modifications. The stock rose 52¢.
Dow struggled to advance at the opening, but the bulls gave up & currently it is lower. Investors are braced for a Federal Reserve policy decision & key inflation data in the week ahead.
