US mid-morning: Stocks track Spanish debt lower

Date: Monday 11 Jun 2012

Dow Jones Industrial: -0.10%
Nasdaq Comp.: -0.28%
S&P 500: -0.14%

The main US equity benchmarks have begun the day down, with average falls of 0.1%, following an ephemeral positive reaction to this past weekend’s announcement of a rescue for Spain’s banks.

Investors thus seem to be concentrating on the fact that should the crisis spiral out of control then existing Spanish sovereign bonds would rank below those issued by the European Stability Mechanism (ESM) if private sector involvement is ever needed.

That on a day devoid of any first-tier macroeconomic references Stateside.

Meantime, and on the corporate front, all eyes will be on Apple’s developer conference.

Nvidia and Time Warner are amongst the top movers now on the back of analyst upgrades.

Front month West Texas crude futures are now rising by 0.04% to the 84.14 dollar per barrel level in NYMEX trading.

10 year US Treasuries are now up by 1/32 dollars, with yields at 1.63%.

AB

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