US Treasuries
Treasuries rallied with the yield on the UST 10y Note going from 4.50% – 4.40%
- 10s closed on Wednesday at 4.40 [Wednesday’s range in 10s: 4.40/4.50]
- 2s closed on Wednesday at 4.13 [Wednesday’s range in 2s: 4.13/4.205]
- 2y – 5y: + 4 bps
- 2y – 10y: + 26 bps
Intraday News Moving Markets
Commodities
- Gold decreased to $3,981.52 an ounce [73% of its recent high of $5,417 an ounce on 1/28/26]. Gold fell below $4,000 an ounce for the first time since November 2025.
- Silver decreased to $56.66 an ounce [49% of its recent high of $116.70 an an ounce on 1/28/26]
- Copper decreased to 593.65 [89% of its recent high of 667 on 6/2/26]
On Deck Tomorrow, Thursday, (06/25/26):
- $44 Billion UST 7y Note Auction
- PCE and GDP will be released
Upcoming US Treasury Supply
Conference Call Replay
Click Here to Access the Replay
Intraday Commentary From Jim Bianco
Regarding yesterday’s sell-off. The S&P 500 was down 1.44%, a big move. However, the AI winners, 46 stocks, were DOWN 6.74%
SPXXAI, The S&P excluding the AI stocks, which includes over 400 of the 500 stocks, was UP 0.57%. Confirming this was the S&P equal-weight that was down just 0.37%. And the DJIA was down just 0.09% (and was higher most of the day).
So, what did the stock market signal yesterday by declining 1.44%? Maybe the economy is fine because “normie” (non-AI) companies had a good day. This underscores my recent argument that the stock market is actually two asset classes.
In the News
OilPrice: Why the Net Billion Barrels of Oil Demand Could Come From Storage
Bloomberg: Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move in
National Association of Home Builders on X:
Upcoming Economic Releases & Fed Speak
- 6/25/2026 at 08:30am EST: Personal & Real Personal Spending / Chicago Fed Nat Activity Index
- 6/25/2026 at 08:30am EST: PCE Price Index & Core PCE Price Index MoM & YoY
- 6/25/2026 at 08:30am EST: GDP Annualized QoQ
- 6/25/2026 at 08:30am EST: Durable Goods Orders / Initial Jobless Claims & Continuous Claims
- 6/25/2026 at 03:40pm EST: Fed’s Williams Gives Keynote Remarks
- 6/25/2026 at 05:30pm EST: Fed’s Goolsbee in Moderated Discussion
- 6/26/2026 at 10:00am EST: U. of Mich. Sentiment / Current Conditions / Expectations
- 6/26/2026 at 11:30am EST: Fed’s Kashkari at Aspen Ideas Panel
- 6/28/2026 at 12:35pm EST: Fed’s Barkin at Aspen Ideas Panel
- 6/30/2026 at 10:00am EST: JOLTS
- 7/01/2026 at 09:30am EST: ECB’s Lagarde, Fed’s Warsh, BOE’s Bailey, BOC’s Macklem
- 7/01/2026 at 09:30am EST: Fed’s Warsh Appears on Panel at ECB Forum
Upcoming Earnings Releases for Thursday, June 25, 2026
Noteworthy Before-the-Open Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Acuity |
AYI |
$5.15 per share |
|
BlackBerry |
BB |
0.03 |
|
Commercial Metals |
CMC |
1.72 |
|
Darden Restaurants |
DRI |
3.63 |
|
McCormick |
MKC |
0.7 |
|
TD Synnex |
SNX |
4.12 |
|
Winnebago |
WGO |
0.77 |
Noteworthy After-the-Close Earnings Releases
|
Company |
Symbol |
Earnings estimate |
|
Enerpac Tool Group |
EPAC |
$0.50 per share |
|
Lindsay Corp |
LNN |
1.14 |
|
Simply Good Foods |
SMPL |
0.36 |