As has been the case for the past several weeks, the near-term fate of the rate rally is dependent on tech jitters. While those had leveled off in a sideways pattern over the first few days of the week, they resurfaced today, both at the NYSE open and close. The 4pm move was bigger for stocks and directly linked to weak guidance in Intel and Amazon earnings releases. Bonds were already moderately stronger on the day after the 9:30am gains, but improved even more after the 4pm NYSE close.
fairly sharp rally at 9:30am coincided with NYSE open and heavy losses in a few key tech names
Lock / Float Considerations
10/29/26 - As nice as today's tech-inspired bond market gains may be, we're still only scratching the surface when it comes to a true correction in stocks. Bonds should remain responsive to any major deterioration or recovery in the "tech jitters" narrative. Econ data is in the 3rd row seats until next week at the earliest.
