{"id":207373,"date":"2024-05-29T11:15:00","date_gmt":"2024-05-29T15:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=207373"},"modified":"2024-05-30T03:51:21","modified_gmt":"2024-05-30T07:51:21","slug":"stocks-stop-ignoring-bonds-at-least-for-now","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/stocks-stop-ignoring-bonds-at-least-for-now\/","title":{"rendered":"Stocks Stop Ignoring Bonds (at least for now)"},"content":{"rendered":"\n<p>This morning has been unfriendly to equity investors.&nbsp; The troubles started yesterday after two poorly received Treasury auctions.&nbsp; Neither the 2-year nor the 5-year was considered successful. Those combined to deflate an otherwise buoyant stock market, though Nvidia\u2019s (NVDA) 7% rally kept the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) in the green.&nbsp; So far today, that\u2019s not helping.<\/p>\n\n\n\n<p>We are writing this ahead of today\u2019s 7-year auction, but rates across the curve are higher in anticipation.&nbsp; Those higher rates, along with a rare flattish day from NVDA, are combining to give us more broad-based selling that started in the pre-market and has persisted so far.&nbsp; It is entirely possible that the premise of this piece will be turned upside down by the time you read this \u2013 bond traders may have priced in sufficient risk aversion to allow a successful auction.&nbsp; If not, please read on\u2026<\/p>\n\n\n\n<p>Bond yields and stock prices are related, but the relationship is flexible.&nbsp; Much of it depends on circumstances.&nbsp;&nbsp; Bearing in mind that bond yields rise when prices fall, we see that this year\u2019s rally has come in spite of higher yields:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-months-10-year-treasury-futures-red-green-candles-spx-blue\"><strong><em>6-Months, 10-Year Treasury Futures (red\/green candles), SPX (blue)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"639\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23-1100x639.png\" alt=\"6-Months, 10-Year Treasury Futures (red\/green candles), SPX (blue)\" class=\"wp-image-207377 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23-1100x639.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23-700x407.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23-300x174.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23-768x446.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture1-23.png 1430w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/639;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p>For most of the year this has not been a problem.&nbsp;&nbsp; The initial rationale for rising yields was because there was a sea change about the prospects for the economy.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/macro\/hey-mr-market-tell-me-what-you-want-what-you-really-really-want\/?query=conundrum&amp;query_id=c90e2a9fc3593fc1f8898722a299a2c4&amp;index=prod_ibkrcampus_en&amp;user_token=anonymous-ab2cddb6-49e7-4567-a8d5-7379570809cb\">As early as December<\/a> we began to question whether markets had priced in an impossible conundrum by somehow simultaneously pricing in 6-7 rate cuts amidst an economic backdrop that allowed for solid earnings growth.&nbsp; The economy pulled its weight, allowing stock investors to focus on earnings rather than the potential for rate cuts.&nbsp; Thus, as those expectations fell away, stocks were able to continue to rise along with rates.<\/p>\n\n\n\n<p>But that relationship began to unravel over the past few weeks.&nbsp; Futures markets solidified their expectations around 1-2 rate cuts for 2024, yet we still saw bond prices fall and stock prices far outpace them.&nbsp; This is evident when we shrink the timeframe of the above chart to 3 months:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-months-10-year-treasury-futures-red-green-candles-spx-blue\"><strong><em>3-Months, 10-Year Treasury Futures (red\/green candles), SPX (blue)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"639\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13-1100x639.png\" alt=\"3-Months, 10-Year Treasury Futures (red\/green candles), SPX (blue)\" class=\"wp-image-207378 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13-1100x639.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13-700x407.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13-300x174.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13-768x446.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Picture2-13.png 1430w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/639;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p>Notice how SPX roughly followed bond prices throughout March and April but far outpaced them this month.&nbsp; Bearing in mind that rate cut expectations have been largely set since the April swoon in stocks, the divergence is more about prospects for equities alone \u2013 pushed ahead by multiple expansion and momentum \u2013 than the relationship between stocks and bonds.&nbsp; For the past few days, starting with <a href=\"\/campus\/traders-insight\/securities\/stocks\/we-dont-know-if-sell-in-may-works-until-june-at-the-earliest\/\">Thursday\u2019s key reversal<\/a> in stocks, the two investment classes have begun to re-establish their relationship to the detriment of equities.<\/p>\n\n\n\n<p>There are two key items to watch today.&nbsp; First is whether the bond market has suppressed its expectations to the point where the 7-year auction can surpass them.&nbsp; Second is whether SPX can hold above Thursday\u2019s low of 5256.93.&nbsp; A dip below that level would confirm the outside reversal, potentially setting up more downside for stocks.&nbsp; If it can manage to hold above that low, as it has done so far today, then stocks can continue to hold their footing \u2013 at least in the short-term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This morning has been unfriendly to equity investors.  The troubles started yesterday after two poorly received Treasury auctions.  Neither yesterday&#8217;s 2-year nor the 5-year was considered successful. <\/p>\n","protected":false},"author":4,"featured_media":192184,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,14700,18,6,8,9,22,26,3],"tags":[45,1685,3598,44],"contributors-categories":[13576],"class_list":{"0":"post-207373","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fixed-income","8":"category-ibkr-market-insights","9":"category-macro","10":"category-north-america","11":"category-region","12":"category-securities","13":"category-stocks","14":"category-text-articles","15":"category-traders-insight","16":"tag-bonds","17":"tag-macro","18":"tag-market-outlook","19":"tag-stocks","20":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stocks Stop Ignoring Bonds (at least for now)<\/title>\n<meta name=\"description\" content=\"This morning has been unfriendly to equity investors. 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He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. 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