Markets: News  

The major indices remain little changed on the other side of the ISM Non-Manufacturing Index for June, which was stronger than expected but still the lowest reading (55.3%) since May 2020. The key takeaway from the June report is that business activity for the non-manufacturing sector was better than expected, although growth slowed for the third straight month as businesses continued to grapple with pricing pressures, supply chain issues, and labor supply constraints.Stocks saw some knee-jerk volatility after the report, but it is the Treasury and commodity markets once again that are the center of attention. The 2-yr note yield has swung from a low of 2.76% to 2.90% and the 10-yr note yield has gone from 2.75% to 2.85% in a span of about two hours. Those are huge swings. WTI crude futures, meanwhile, have dropped from highs above $101.00/bbl to $96.51/bbl.The slide in oil futures has put further pressure on the S&P 500 energy sector (-2.7%), which is now down 26.0% from its June 8 high.