Corporate Bond Market
US Equity Futures are down to end the week with the DJ Futures -50 and the S&P Futures -5.75. The global tone is negative with European equity markets mixed and Asian stocks trading down through the overnight. Oil is down, last at $53.08/ barrel and rates are stronger with the 10yr Treasury last at 2.418%. Credit is wider with the Invest Grade Index showing 57.298/57.917 and cash is also weaker.
In credit news, Thursday’s primary market was light ahead of the long weekend; pricing $800mn Investment Grade Credit. On the earnings front, Fannie Mae and Deere Co reported an underperformance of Q4 2016 earnings expectations.