Economic releases have been strong as have been bank earnings, while consumer product company earnings have been weak. Energy, TMT (telecom, media, tech) and auto companies were better while anything building, REIT and gaming related lagged yesterday.
Outflows returned to the high yield bond market to the tune of -$450M flowing out of high yield mutual and exchange traded funds. This breaks up the +$3.5B that flowed into high yield funds the last six weeks. The new-issue market was pretty light this week with less than a handful pricing but the calendar is filling for next week.