Source: tradingeconomics.com
“Weak June new home sales add more evidence that the housing market is flattening, and may have peaked for this expansion,” said Robert Frick, a corporate economist for Navy Federal Credit Union.
Corporate Bond ETFs Pounce on Treasury Weakness
Unlike government debt issues, corporate bonds ETFs sloughed off the negative home sales data with ETFs like the Xtrackers Hi Yld Cor Bd Intst Rt Hdg ETF (BATS: HYIH), Vanguard Interm-Term Corp Bd ETF (NASDAQ: VCIT) and PIMCO 0-5 Year High Yield Corp Bd ETF (NYSEArca: HYS). As of 2:20 p.m. ET, HYIH was up 0.81&, VCIT was up .08% and HYS was up 0.14%.
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