ADP Employment Data Exceeds Expectations, US Stock Indices Open Higher
On April 1, US stocks opened higher, with the Dow Jones Industrial Average rising by 0.57%, the S&P 500 increasing by 0.66%, and the Nasdaq gaining 0.7%. Nike (NKE.N) saw a significant drop of 12%, as the company anticipates an unexpected decline in revenue for the current quarter.
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As US Treasury yields rise, the cost of borrowing short-term Treasuries surges, with traders aggressively building short positions
The US Treasury will conduct auctions of two-year, five-year, and seven-year Treasury bonds next week. Currently, traders are racing to borrow bonds to short them, driving the borrowing costs for short-term Treasuries sharply higher. On Friday, the overnight repo rate for borrowing the current two-year Treasury was about 0.79%, while the rate for the five-year even dropped to as low as -0.85%. In contrast, the repo rate for regular Treasuries was around 3.88%.
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