Monday, stocks fell in Asia 1.3%, closed flat in Europe, and rose 0.6% in the U.S. on light volume. The VXO fell 10% to close at 14.45 and the 10-Year U.S. Treasury Bond yield rose 3% to close at 1.87 while precious metals miners lost 2% on the day.
Tuesday, in Asia stocks closed little changed, but in Europe and the U.S. they fell 1.7% and 1.2% respectively on moderate volume. The VXO moved up 7% to close at 15.41 and the 10-Year U.S. Treasury Bond yield fell 4% to close at 1.80 while precious metals miners lost 3%. Wednesday, stocks fell 1.3% in Asia, 1.2% in Europe, and 0.8% in the U.S. on moderate volume. The VXO rose 9% to close at 16.75 while precious metals miners plummeted 5%.
Thursday, stocks drifted 0.3% lower in Asia and 0.3% higher in Europe. In the U.S., they closed nearly unchanged on light volume. The 10-Year U.S. Treasury Bond yield fell 2% to close at 1.74 while precious metals miners lost 3%. Shortly after becoming the last man standing in the Republican presidential race, Donald Trump suggested defaulting on Treasuries to deal with the debt. Statements like that create uncertainty. Investors do not like uncertainty. That cannot be a good sign for stock market bulls.
Friday, stocks fell 0.5% in Asia and 0.3% in Europe but rose 0.3% in the U.S. on light volume. The VXO dropped 8% to close at 15.26 while the 10-Year U.S. Treasury Bond rose fell 2% to close at 1.78. Precious metals rose 1.5% and their miners gained about twice that amount.