Investors made a dash out of debt securities Monday morning, with the yields on 10-year Greek bonds shooting up another 2.56 percentage points to 27.3%.
The yield on the Spanish 10-year bond climbed 0.32 point to 6.33%, raising new worries. Any rate above the 6% benchmark raises the risk that Spain might need a bailout of its own. Also on the rise, Italian bond yields rose 0.24 point to 5.75%.
Investors are paying close attention to the nation’s big banks on Monday, after JPMorgan announced a $2 billion loss last week. JPMorgan (JPM), which was down 9% Friday, is down another 1.79% in premarket trading Monday. Fitch Ratings downgraded JPMorgan’s debt after the closing bell on Friday, voicing a concern over a “lack of liquidity.”
Major European stocks were all sharply lower in midday trading and Asian markets ended mostly down.
The national average price of gasoline is down one-tenth of a cent to $3.727 per gallon.
1100 ET USDA weekly grain export inspections.
1130 ET Weekly 3-mo and 6-mo T-bill auctions.
1600 ET USDA Crop Progress