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 Volatility seems to be creeping back into the stock markets. Perhaps it has something to do with the volatility in the bond markets. First the scoreboard: Dow: 15,302, -106.5 pts, -0.6%
S&P 500: 1,648, -11.7 pts, -0.7%
NASDAQ: 3,467, -21.3 pts, -0.6% And now the top stories: - Today's 106 point sell-off completely offset yesterday's 106 point gain. In a note to clients on Friday, Citi's Tobias Levkovich warned that investors appear to be considering macro factors less and less, making the market more vulnerable to volatile swings.
- There was no major market-moving economic data today. But the bond markets were moving. The 10-Year Treasury yield surged to as a high as 2.23% this morning, before sliding back to 2.12% this afternoon. Trading volumes are at record highs.
- The sell-off in Treasuries has been going on for most of this month. It's worth mentioning that tech behemoth Apple had a massive bond sale while interest rates were near the lows. This could go down as one of the most perfectly timed corporate refinancings in history.
- Smithfield Farms, the U.S. pork producer and maker of hams, is getting acquired by Shuanghui International. Investors will be getting $34 per share, which is around 30% higher than yesterday's closing price. "This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture," said CEO Larry Pope.
- Don't Miss: 7 Fascinating Psychology Concepts That You'll Find On Wall Street's Hardest Exam >
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