The S&P 500 dipped 0.10% at the open after tech giant Alphabet shares declined 1.00%. The Dow Jones and the Nasdaq Composite also slipped 0.10%. Alphabet’s declines were slightly offset by gains from pharmaceutical giants Merck and Pfizer; both stocks were up at least 1.00%. National Security Council Director for European Affairs, Alexander Vindman, arrived for a closed-door deposition at the US Capitol in Washington, DC to testify that he was a firsthand witness to Trump’s July 25th call with Ukraine President Volodymyr Zelensky. In that call, Trump asked Zelensky to “look into” unsubstantiated corruption allegations against former Vice President Joe Biden and his son Hunter Biden. Trump also asked Zelensky to “do us a favor though” and investigate whether Ukraine had been involved in foreign interference in the 2016 presidential election — a suspicion reportedly based on a conspiracy theory. In a statement released by Vindman, he remarked, “I was concerned by the call. I did not think it was proper to demand that a foreign government investigate a U.S. citizen, and I was worried about the implications for the U.S. government’s support of Ukraine.” House Democrats will hold a vote to push forward with the impeachment inquiry into President Donald Trump, House Speaker Nancy Pelosi confirmed Monday. The Trump administration has vowed not to comply with the impeachment probe. It has pressured some current and former officials not to appear for depositions, claiming immunity from the congressional process even after lawmakers have issued subpoenas for testimony. The yield on 10-YearTreasuries declined one basis point to 1.83%. Britain’s 10-Year yield fell one basis point to 0.709%. Germany’s 10-Year yield decreased two basis points to -0.35%. Australia’s 10-Year yield jumped nine basis points to 1.1855%.
A 40-day strike by the United Auto Workers union against General Motors cost the automaker about $3.8 billion for the year. The strike ended on Friday with ratification of a new contract for GM’s 48,000 union workers. The deal included pay raises, lump-sum bonuses and $11,000 ratification bonuses for most workers, among other benefits. Boeing CEO, Dennis Muilenburg, is scheduled to testify before a Senate panel, his first appearance before Congress since the crash of two 737 Max planes over the last year. The Senate Commerce committee hearing, scheduled for 10:00 AM (EST), is being held on the one-year anniversary of the first crash, Lion Air Flight 610 that went down in the Java Sea shortly after takeoff from Jakarta, Indonesia, killing all 189 people on board. Less than five months later, a Nairobi-bound Ethiopian Airlines 737 Max went down in Ethiopia, taking the lives of the 157 people on the flight. Boeing has developed software fixes for a flight-control system on board the planes that pilots said they didn’t know existed until after the first crash. Regulators haven’t yet signed off on those changes, but Muilenburg has previously said the plane should be flying by the end of the year. Boeing said it has flown more than 814 test flights with the new software.
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The S&P 500 dipped 0.10% at the open after tech giant Alphabet shares declined 1.00%. The Dow Jones and the Nasdaq Composite also slipped 0.10%. Alphabet’s declines were slightly offset by gains from pharmaceutical giants Merck and Pfizer; both stocks were up at least 1.00%. National Security Council Director for European Affairs, Alexander Vindman, arrived for a closed-door deposition at the US Capitol in Washington, DC to testify that he was a firsthand witness to Trump’s July 25th call with Ukraine President Volodymyr Zelensky. In that call, Trump asked Zelensky to “look into” unsubstantiated corruption allegations against former Vice President Joe Biden and his son Hunter Biden. Trump also asked Zelensky to “do us a favor though” and investigate whether Ukraine had been involved in foreign interference in the 2016 presidential election — a suspicion reportedly based on a conspiracy theory. In a statement released by Vindman, he remarked, “I was concerned by the call. I did not think it was proper to demand that a foreign government investigate a U.S. citizen, and I was worried about the implications for the U.S. government’s support of Ukraine.” House Democrats will hold a vote to push forward with the impeachment inquiry into President Donald Trump, House Speaker Nancy Pelosi confirmed Monday. The Trump administration has vowed not to comply with the impeachment probe. It has pressured some current and former officials not to appear for depositions, claiming immunity from the congressional process even after lawmakers have issued subpoenas for testimony. The yield on 10-Year Treasuries declined one basis point to 1.83%. Britain’s 10-Year yield fell one basis point to 0.709%. Germany’s 10-Year yield decreased two basis points to -0.35%. Australia’s 10-Year yield jumped nine basis points to 1.1855%.
A 40-day strike by the United Auto Workers union against General Motors cost the automaker about $3.8 billion for the year. The strike ended on Friday with ratification of a new contract for GM’s 48,000 union workers. The deal included pay raises, lump-sum bonuses and $11,000 ratification bonuses for most workers, among other benefits. Boeing CEO, Dennis Muilenburg, is scheduled to testify before a Senate panel, his first appearance before Congress since the crash of two 737 Max planes over the last year. The Senate Commerce committee hearing, scheduled for 10:00 AM (EST), is being held on the one-year anniversary of the first crash, Lion Air Flight 610 that went down in the Java Sea shortly after takeoff from Jakarta, Indonesia, killing all 189 people on board. Less than five months later, a Nairobi-bound Ethiopian Airlines 737 Max went down in Ethiopia, taking the lives of the 157 people on the flight. Boeing has developed software fixes for a flight-control system on board the planes that pilots said they didn’t know existed until after the first crash. Regulators haven’t yet signed off on those changes, but Muilenburg has previously said the plane should be flying by the end of the year. Boeing said it has flown more than 814 test flights with the new software.
The curve has bull-steepened with the UST 10-Year yield down 0.53 bps from prior closing.