US Treasuries
Treasuries sold off with WTI crude rising more than 5% after the US revoked its June 21st waiver allowing sales by Iran. Amazon’s 8-part jumbo corporate bond offering dominated the headlines.
- 10s closed on Tuesday at 4.54 [Tuesday’s range in 10s: 4.47/4.54]
- 2s closed on Tuesday at 4.18 [Tuesday’s range in 2s: 4.115/4.185]
- 2y – 5y: + 9 bps
- 2y – 10y: + 36 bps
*TREASURY REVOKES JUNE 21 IRANIAN OIL WAIVER
The US Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to attacks on tankers in the Strait of Hormuz, jeopardizing an interim peace deal between Washington and Tehran.
- Bloomberg: Amazon’s New Bonds Get Cooler Reception as AI Debt Floods Market & Traders Are Dumping Tech Bonds to Make Room for Amazon Debt Deal
- Fed’s Williams: Stays Optimistic as Energy Prices Fall
- Bloomberg: US Consumers’ Inflation Expectations Rose in June, NY Fed Survey Says
Commodities
- Gold decreased to $4,142.12 an ounce [76% of its recent high of $5,417 an ounce on 1/28/26]
- Bloomberg: Gold’s Bull Market Has Ended and Now All Eyes Are on Bears
- Silver decreased to $60.95 an ounce [52% of its recent high of $116.70 an an ounce on 1/28/26]
- Copper decreased to 615.30 [92% of its recent high of 667 on 6/2/26]
On Deck:
- $39 Bn UST 10y Note Auction (Reopening) tomorrow, Wednesday, July 8th
- FOMC Meeting Minutes will be released tomorrow, Wednesday, July 8th
- $22 Bn UST 30y Bond Auction (Reopening) on Thursday, July 9th
- Next Week: CPI will be released on Tuesday, July 14th
Upcoming US Treasury Supply
S&P 500 Put / Call Ratio
- CBOE SPX Put/Call Ratio (open interest) on July 6, 2026: 1.33
- CBOE SPX Put/Call Ratio (volume) on July 6, 2026: 1.14
Intraday Commentary From Jim Bianco
In the News
OilPrice: The U.S. Army Just Took a Historic Step to Break China’s Rare Earth Dominance
Food Chain Magazine: The egg price scandal exposes cracks in America’s food pricing system
Realtor.com: Foreclosures Are Tickign Up; Here’s What Happens Next When They Hit the Market for Sale
Upcoming Economic Releases & Fed Speakers
- 7/08/2026 at 02:00pm EST: FOMC Meeting Minutes
- 7/09/2026 at 08:30am EST: Initial Jobless Claims & Continuing Claims
- 7/09/2026 at 09:00am EST: Fed’s Williams in Moderated Discussion
- 7/09/2026 at 10:00am EST: Existing Home Sales
- 7/09/2026 at 01:30pm EST: Fed’s Logan Moderates Panel on Market Liquidity
- 7/09/2026 at 08:30am EST: CPI MoM / YoY
- 7/14/2026 at 10:00am EST: Fed Chair Warsh Testifies at House Financial Service Cmte
- 7/14/2026 at 01:00pm EST: Fed’s Goolsbee in Fireside Chat
Upcoming Earnings Releases for Wednesday, July 8, 2026
Noteworthy Before-the-Open Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Helen of Troy |
HELE |
$0.01 per share |
Noteworthy After-the-Close Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
AZZ |
AZZ |
$1.69 per share |
|
Levi Strauss |
LEVI |
0.24 |
|
PriceSmart |
PSMT |
1.32 |