Overall, U.S. stocks have traded little changed this week, with the Dow and S&P flat in the period.

“The U.S. equity market has been digesting its gains in a consolidation phase for much of June. Short-term momentum has deteriorated, but this has allowed for short-term overbought conditions to be relieved without a lot of breakdowns,” said Katie Stockton, chief technical strategist at BTIG, in a note.

Wall Street also kept an eye on financials after testing results released Thursday by the Fed show the 34 institutions under scrutiny have enough capital to make it through a scenario akin to the financial crisis. The results briefly lifted financials on Friday.

“We thought the stress test results would be pretty good, but it’s always nice to see it in writing,” said Ernie Cecilia, CIO at Bryn Mawr Trust. “Financials have been under pressure lately because of the yield curve flattening.”

Treasury yields have fallen from their 2017 highs recently, with the benchmark 10-year yield trading around 2.15 percent. In March, it traded around 2.6 percent.

“The bond market doesn’t see inflation coming in the near term, and so far it’s been right,” Cecilia said.

The consumer price index fell 0.1 percent in May, raising questions about whether the Fed will be able to raise rates once more this year. The next rate hike isn’t fully priced in until March 2018, according to the CME Group’s FedWatch tool.

Adding to deflationary concerns lately, have been falling oil prices. U.S. crude was down more than 4 percent this week.

In economic news, new home sales rose 2.9 percent in May, below the expected increase of 3.7 percent. St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester are both due to speak later on Friday.

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