Daily Market Commentary

June 5, 2023

Bonds & Stocks
Treasury yields higher across the curve, following bigger losses in core European rates with S&P 500 futures steady near Friday's highs. Crude oil futures remain higher by about 2% after a 4.6% advance sparked by Saudi Arabia's output-cut pledge at weekend's OPEC+ meeting. US session includes factory orders data and ISM services gauge, while Fed speakers are in quiet period ahead of June 13-14 FOMC meeting.

Economy
Large US banks may face a 20% average increase in capital requirements from upcoming rule proposals as the collapse of several smaller lenders this year adds urgency to a push to bolster the industry's financial strength, according to the Wall Street Journal.

World
European Central Bank President Christine Lagarde said inflation pressures remain powerful and borrowing costs will be raised further to tackle them.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.