Futures opened flat as investors returned from the Christmas holiday and equity indices fell on end-of-year profit-taking. The Nasdaq closed down 0.50% at 23,474, the S&P 500 fell 0.35% to 6,905, and the Dow was at 48,461, down 0.51%. Treasury yields declined across the curve with the 30-year at 4.80% and the 10-year at 4.11% as buyers sought longer-dated maturities. Brent and WTI rallied on stalled Russia-Ukraine talks, Yemen tensions, and short-covering, while natural gas surged 6.8% to $4.66 on cold weather and higher LNG exports. Gold and silver pulled back after recent record highs amid year-end selling.
"Yields were lower Monday across the Treasury curve as buyers returned from the holiday, looking to grab bonds, especially longer-dated maturities. Despite bond traders preparing for a heavy schedule of U.S. Treasury debt auctions throughout the holiday-shortened week, which tends to increase bond supply and push prices down, the opposite happened Monday. The 30-year-long bond closed trading at 4.80%. In comparison, the benchmark 10-year note was last seen at 4.11%."
"The energy complex returned to a more rewarding Monday, with both major benchmarks finishing the day strongly higher, as did natural gas. Traders cited stalled Russia-Ukraine peace talks and tensions in Yemen as the reasons for the sharp moves higher across the board. It's also a good bet, with the year coming to an end, traders closed out short positions that have grown steadily over the fourth quarter."
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